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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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Saturday, 18 August 12
BULK FREIGHT MARKETS CONTINUED THEIR DECLINE IN LINE WITH WEAK DEMAND - VISTAAR
COALspot.com - This week also the indices fell on all segments with BDI touching lowest in almost 3 years.
The BDI closed at 714 points down by 7 ...
Thursday, 16 August 12
PUBLIC PRIVATE PARTNERSHIPS CONFERENCE 2012
Press Release - Asia’s Premier Public Private Partnerships Conference 2012 will showcase commercial opportunities for investors and developers ...
Wednesday, 15 August 12
UT GENERATED RP 3.09 TRILLION NET INCOME
COALspot.com - As of June 2012 Indonesia’s heavy equipment market grew 14%, from 8,448 units to 9,618 units (based on UT’s internal mark ...
Tuesday, 14 August 12
SAKARI ENTERED INTO JV IN CAMBODIA TO EXPLORE COAL OPPORTUNITIES
COALspot.com - Sakari joints hands with The Royal Group of Companies in Cambodia to explore and develop coal opportunities throughout the country.
...
Tuesday, 14 August 12
SAKARI SIGNS HEADS OF AGREEMENT TO ACQUIRE SIX COAL CONCESSIONS IN INDONESIA
COALspot.com - Sakari has signed a Heads of Agreement (HOA) to acquire a 100% interest in up to six IUPs, covering an area of over 29,000 hectares, ...
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- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Economic Council, Georgia
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
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