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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, 17 January 23
CHINA'S SHANXI TARGETS 2023 COAL PRODUCTION OF NEARLY 1.37B TONS - XINHUA
China’s coal-rich province of Shanxi has set a coal production target of nearly 1.37 billion metric tons for 2023, according to a government ...
Tuesday, 17 January 23
MARKET INSIGHT - INTERMODAL
Rumor has it that the New Year has come, to set the pace in, for Russia to continue hostilities against Ukraine. Ten months on the go, into Russia& ...
Tuesday, 17 January 23
INDONESIA IS ACCOUNTING FOR 32.3% OF THE GLOBAL SEABORNE COAL MARKET IN 2022 - BENCHERO 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, Benchero ...
Tuesday, 10 January 23
INDONESIAN HBA IS SEEING A SPIKE IN JANUARY 2023 INSTEAD OF A SIGNIFICANT FALL IN DECEMBER 2022
COALspot.com: Indonesian Coal Price Reference up 8.43% in January 2023.
HBA is seeing a dramatic spike in January 2023 i ...
Sunday, 08 January 23
INDIAN COAL POWER PLANTS SHOULD BE COMPENSATED FOR 2022 FORCED GENERATION – REGULATOR : REUTERS
Indian power plants that rely on imported coal should be fully compensated when forced to supply electricity, the country’s power regulator s ...
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- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- The University of Queensland
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
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