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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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Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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Showing 76 to 80 news of total 6871 |
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- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- White Energy Company Limited
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
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