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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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Sunday, 26 February 23
MAWANI AND JEDDAH CHAMBER SIGN AN AGREEMENT TO BUILD INTEGRATED LOGISTICS PARK
Press Release: The Saudi Ports Authority (Mawani) and Jeddah Chamber of Commerce and Industry have today inked an agreement to set up an integrated ...
Saturday, 25 February 23
INDONESIA IS STILL BY FAR THE TOP SUPPLIER OF COAL TO CHINA - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels, said ban ...
Wednesday, 22 February 23
MARKET INSIGHT - INTERMODAL
The short-term outlook of the global soybean market is currently pivoted by a combination of weather patterns that are affecting the harvest progre ...
Saturday, 18 February 23
OIL UNLIKELY TO BREAK ABOVE $100/BBL THIS YEAR, J.P.MORGAN SAYS –- REUTERS
Brent oil prices are unlikely to breach the $100 a barrel level this year, barring any significant geopolitical drivers, with OPEC+ potentially add ...
Saturday, 18 February 23
CHINA'S COAL PRICES FALL TO 1 YR-LOW, CLOUDING DEMAND AND IMPORT OUTLOOK - REUTERS
China’s thermal coal prices hit their lowest levels in a year this week on rising inventories as domestic mine production is recovering faste ...
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- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Parliament of New Zealand
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- White Energy Company Limited
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
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