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Thursday, 16 July 09
CIL KEEN ON JOINT VENTURES
 * Targets to raise production by 10 m tonnes by 2012
* Plans to tap reserves of abandoned mines
The Hindu, an Indian news paper reported that, the public sector Coal India Ltd (CIL) is keen to enter into joint ventures for starting mining activities in the U.S., Australia, South Africa and Indonesia. It has sought expressions of interest (EoIs) in this respect saying that it would like strategic partnerships for pursuing joint business initiatives in these countries.
Confirming this, a CIL official said that the company was looking for partnerships with major overseas stakeholders in mining, as carrying out tasks like exploration would be difficult in an overseas location. “We need someone with mining expertise and a property. We will add to that our own expertise and resources to set up a venture,” he said adding that the objective was to leverage core competencies of CIL for tapping overseas opportunities.
CIL is looking for tie-ups in the U.S. for accessing coking coal. In Australia too it is the coking coal reserves which attract CIL, while in South Africa, the reserves are of both coking and non-coking coal. In Indonesia, the opportunities lie in thermal coal. “CIL’s interest is in either an operational mine or even a greenfield project and the target product is metallurgical coal and high-grade thermal coal,” the official said.
Coal shortages, especially that of coking coal, have been chronic in India and according to the Minister of State for Coal Shriparakash Jaiswal, India’s coal consumption will reach 604.3 million tonnes in March 2010 leaving a shortfall of 70 million tonnes. Domestic coal production (of which CIL accounts for about 80 per cent) is estimated at 534 million tonnes by 2009-10.
However, given the fact that under the new coal distribution policy, CIL has been entrusted with the responsibility of meeting he country’s coal demand, if necessary through imports, Coal Videsh, the overseas investment arm of the PSU, sees overseas joint ventures as an avenue for augmenting CIL’s production.
It has set a goal of augmenting its production in this manner to the extent of 10 million tonnes by 2012 and by 50 million tonnes by 2020. CIL has already won the concession rights for two mine blocks in Mozambique and it is now in the process of forming a joint venture company to operationalise this venture. The two blocks together have one billion tonne reserve of coking and non-coking coal. It may also be mentioned here that CIL is also in the process of finalising its plans to sign up with overseas and domestic companies for tapping the reserves of mines which have been lying abandoned for various reasons for long.
Source: The Hindu
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Friday, 24 July 09
BIG ADARO SHAREHOLDERS CREATE HOLDING COMPANY
The nation’s second-largest coal producer, PT Adaro Energy, said on Thursday that five key shareholders had merged their holdings in the compan ...
Friday, 24 July 09
INDIA TAKES 9 MILLION TONNES S. AFRICAN COAL JAN - JUNE
Reuters reported that, India accounted for nearly 9 million tonnes of South Africa's January-June exports of around 28 million tonnes, industry sour ...
Thursday, 23 July 09
KOMIPO LAUNCHES TWO COAL TENDERS
Korea Midland Power on Wednesday launched two tenders to procure bituminous or semi-anthracite coal for August to September delivery. Bids close on J ...
Thursday, 23 July 09
GUANGDONG BUYERS SET TO IMPORT 2.3 MILLION MT FROM VIETNAM - MEDIA
Several coal-consuming companies in China’s Guangdong Province, headed by Guangdong Yudean Group (Guangdong Power Generation Group), have inke ...
Thursday, 23 July 09
KEPCO BUYS 1.5% STAKE IN ADARO ENERGY FOR US$ 56.5M
WSJ reported that, state-run utility Korea Electric Power Corp., or Kepco, Thursday said it has acquired a 1.5% stake in Indonesian coal miner, PT A ...
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