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Friday, 26 September 14
INDIA SUPREME COURT RULING TO HIT STEEL, UTILITY EARNINGS, SAYS FITCH
 COALspot.com: The 24 September Supreme Court of India (SCI) decision to cancel almost every coal block allocation since 1993 will have a negative financial impact on a number of Indian power and steel companies, says Fitch Ratings.
The decision is broadly credit negative for these sectors, but should have no impact on the ratings of any Fitch-rated steel or power sector corporates.
According to Fitch, the decision to cancel 214 of 218 coal licences follows a ruling in August in which the SCI declared the licence allocation process as arbitrary and illegal. The cancelled licences include 46 producing or near-production blocks, and are owned largely by power and steel sector companies. The producing mines will be allowed to continue operations until March 2015, at which point they will be handed back to state firm, Coal India Limited, until they are sold as part of a new auction process.
Companies with cancelled licences will not receive any compensation on account of development expenditure incurred to date, meaning these will have to be written off. They can bid for the same coal blocks when they come back on the market, while it will be an open bidding process. Furthermore, they will now have to pay for externally sourced coal, resulting in higher operating costs. The SCI's decision also levies a fine of INR295/tonne on coal produced to date from the mines affected, which could amount to INR73bn (USD1.2bn), Fitch says in its latest research report.
The negative financial impact will vary significantly depending on the company. Current credit profiles are likely to remain intact for Fitch-rated steel and power companies. The ruling has no immediate direct impact on Tata Steel Limited (BB+/Stable) and Steel Authority of India Limited (SAIL, BBB-/Stable). All but one of their operational coal mines were allocated before 1993, which are exempt from the decision. In addition, SAIL's one operational mine which was allocated after 1993 was one of the four licences upheld by the SCI as valid. The cancellation of non-operational coal licenses will not hurt credit profiles, as these have not been factored into Fitch's long-term financial projections for these companies.
Power Company NTPC Limited (BBB-/Stable) could be more vulnerable to the decision, though Fitch maintains that the broader impact will still be relatively small. Pakhri Barwadih, an NTPC mine nearing production, has been exempt from the cancellation. The status of the other nine of NTPC's 10 coal blocks is uncertain, as it is not very clear if they are also exempt - owing to the fact that NTPC is a state-owned entity. The company had expected that its captive mines would be able to serve 4.3% of its coal requirements in FY15 - rising further to 15% by FY17.
The potential long-term effects of the decision on the wider power and steel sectors will depend largely on how quickly the government proceeds with re-auctioning the licences. This could lead to more efficient development of these coal blocks in the long term should the new process go quickly. Uncertainty regarding the original allocation process had previously contributed in part to the underdevelopment and utilisation of these blocks.
However, it is important to highlight that a new and transparent auction process is just one factor needed to boost coal production in India. Other key challenges remain, including tough environmental clearances and regulatory approvals.
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Friday, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
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- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Planning Commission, India
- Trasteel International SA, Italy
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
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