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Wednesday, 12 September 12
INDIAS COALGATE: TIME FOR A ROOT CANAL
 A recent report from India’s Comptroller and Auditor General (CAG) pertaining to the allocation of coal blocks has created a political storm in India. The report alleges widespread corruption in coal block allocation and is perceived as potentially damaging for the already scam-tainted Manmohan Singh-led United Progressive Alliance (UPA) government.
According to the CAG, the underpriced sale and free allocation of coal blocks for captive mining may have cost the government as much as US$33 bill in lost revenue. At the heart of the debate is the 1993 policy which broke the government’s monopoly as a coal supplier and allowed private companies to mine coal for captive use, in a bid to increase coal production to meet burgeoning demand.
However, the decision resulted in a number of non-coal consuming industries approaching state governments and signing letters of intent promising to develop coal consuming plants if they were allocated coal mines. Coal blocks were allocated to private companies as well as state mining companies who were ill-equipped to run a power plant as well as a coal mine. Prime Minister Singh was in charge of the Ministry of Coal (MoC) from 2006 to 2009 when some of the controversial allocations took place.
A number of companies developed coal blocks, but the vast majority have been content to sit on the asset and wait until the government opened up the coal market to allow private captive coal miners to sell coal into the domestic market place. Of the 218 coal blocks that have been awarded to date, only 29 are currently in production. Many of these companies blame delays in environmental clearances and land acquisition issues for their inability to commence operations.
'Coalgate' Implications
Recently, the Ministry of Coal has started de-allocating coal blocks from miners who have not sufficiently developed their assets. As per the latest available data, 24 coal blocks have been de-allocated, including those from private companies including Binani Cement, Bhatia International Ltd and Lloyds Metal & Engineers Ltd. The threat of further de-allocation of mines by the MoC, as political fallout from the ongoing scandal, is expected to induce other mine owners to be more proactive with project development. There are significant financial implications for companies who have secured financing and have begun to develop plants dependent on captive coal blocks. Opposition from the business community is fervent as many coal-consuming plants are ready or partly ready, financing has been secured and industrial equipment has been ordered. If coal blocks are de-allocated, billions of dollars loaned to finance these projects would come under threat.
It is imperative for India to secure energy for its growing economy. It is facing severe shortages of domestic coal supply and ‘Coalgate’ will now join India’s ultra-mega power project (UMPP) policy as a shining example of failed energy policy. Salva does not believe that captive mining will grow to 653 Mt by 2020, as forecast by India’s Planning Commission.
Developments in captive coal production have the ability to widely swing India’s imported coal demand, particularly for thermal coal. The political and commercial implications of India’s ‘Coalgate’ scandal and captive mine development are worth keeping an eye on as India’s Central Bureau of Investigation initiates the due process of law against some of these companies. The repercussions will affect not just India, but possibly world coal markets.
Source:Salva
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Tuesday, 04 September 12
ORPHEUS SECURES ADDITIONAL SIGNIFICANT KINTAP COAL PROJECT IN SOUTH KALIMANTAN
COALspot.com - Indonesian coal producer, Orpheus Energy (ASX:OEG) has announced that it has secured a 50% equity ownership in an additional tenement ...
Monday, 03 September 12
SHIPOWNERS TO WAIT FOR FURTHER PRICE REDUCTIONS IN THE SECOND HAND VESSEL MARKETS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With September now upon us, shipbrokers are looking towards an interesting winter season, as ship owners are looking to capitalize on more second ha ...
Sunday, 02 September 12
ADAROS COAL ROYALTIES TO THE GOVERNMENT INCREASED BY 10.5 PERCENT Y-O-Y TO US$196.8 MILLION
COALspot.com - PT Adaro Energy Tbk (IDX: ADRO), the second largest power plant coal producer in Indonesia, announced its consolidated auditor-review ...
Saturday, 01 September 12
FALLING PRICES; BLEEDING MINERS
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for October 2012 delivery lost 4.070 percent and 0.422 percent respectively on W-o-W and D- ...
Saturday, 01 September 12
PANAMAX FREIGHT RATES UNDER PRESSURE FROM LOW DEMAND - VISTAAR
COALspot.com - This week the freight market was weak with mixed results.
The BDI was down by 1.95 pct closing at 703 points, however there was so ...
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- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- PTC India Limited - India
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- VISA Power Limited - India
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
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