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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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- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Minerals Council of Australia
- The University of Queensland
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
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