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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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Tuesday, 07 July 09
Q+A - INDONESIA MINING SECTOR FACES ELECTION RISKS - REUTERS
Indonesia has struggled to lure foreign investment to its mining sector in recent years, and the nationalist line on resource exploitation taken by ...
Tuesday, 07 July 09
INDIKA ENERGY COMPLETES THE ACQUISITION OF PETROSEA
TAMBANG reported that, PT Indika Energy, Tbk has officially announced that it has completed the acquisition of PT Petrosea, Tbk. from Clough Interna ...
Tuesday, 07 July 09
RUSSIAN AUDITORS ATTACK COAL EXPORTERS OVER PRICING
Russia's budget is losing substantial revenues because the country's exporters ship coal overseas at artificially low prices through various offsh ...
Tuesday, 07 July 09
RBCT COAL EXPORTS TO REMAIN BELOW CAPACITY IN 2009
Coal volumes railed to South Africa’s Richards Bay Coal Terminal are continuing to fall far short of the corridor’s nameplate yearly cap ...
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 ha ...
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