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Tuesday, 07 July 09
TATA POWER AID THE INDONESIAN COAL MINES


BL reported that Mr Prasad Menon MD of TATA Power aid the Indonesian coal mines PT Kaltim Prima Coal and PT Arutmin Indonesia in which TATA Power has a 30% stake, performed well during 2008 and were profitable even at current coal prices.

According to sourced, it will use half the quantity of coal it gets from the Indonesian mines for its 4,000 MW ultra mega power project that is under construction at Mundra in Gujarat.

According to the company, the Indonesian mines produced 52 million tonne in FY 2009 with an average realized price of USD 77.56 tonne.

Mr S Ramakrishnan executive director, finance of TATA Power said that given the current coal prices, the company had started to review all capital expenditure except that which leads to cost reduction. He said we have put all the other CAPEX on hold at this point of time.

Mr Ramakrishnan said that the operations at the coal mines were profitable even at these low prices as the cost of mining operations had gone down with the fall in oil prices.

He said on the breakeven price that "If our realization goes down further by another USD 5 to USD 10, we will come into an area where the breakeven will come but we believe that the coal prices are at a rock bottom."

As per report, TATA Power will spend about INR 5,500 crore this year on various projects, including that of the special purpose vehicles floated by it, of which INR 1,700 crore will be equity. Next year, it estimates the capital expenditure will be INR 6,900 crore.

The company's generation capacity was 2,785 MW at the end of the last financial year and it will add 220 MW this year. It generated 14,807 million units in 2008-09 against 14,717 million units in the previous year. It had made an impairment provision of INR 280 crore on account of recognition of goodwill impairment loss relating to its investments in certain overseas JV.

TATA Power said that it will consider all options to raise finances to meet its equity commitments. It has raised short term funds of INR 1,300 crore, which would see it through this financial year. Its debt on a consolidated basis was about INR 13,900 crore.

Source: Steel Guru
(
http://steelguru.com/news/index/2009/07/07/MTAxMjc5/TATA_Power_aid_the_Indonesian_coal_mines.html)



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