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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, 08 January 23
ELEVATED COAL PRICE A DRAG ON MARGINS OF DOMESTIC BASE METAL PLAYERS: ICRA
The increased price of coal continue to be a drag on the margin of domestic base metal players with no immediate relief in sight, rating agency ICR ...
Monday, 02 January 23
CHINA’S COAL CONSUMPTION TO PEAK BY 2035: REPORT - REUTERS
China’s primary energy consumption is likely to peak at nearly 6.03 billion tonnes of standard coal between 2030 and 2035, refining giant Chi ...
Thursday, 29 December 22
INDIA'S COAL DEMAND LIKELY TO PEAK BETWEEN 2030-2035: MINISTER - ANI
The demand for coal in India will continue and is likely to peak between 2030-2035, Union Minister of Coal, Mines, and Parliamentary Affairs Pralha ...
Thursday, 29 December 22
RIO TINTO AND PARTNERS COULD RECEIVE AS MUCH AS $450M IN GOVERNMENT COMPENSATION FOR COAL PRICE CAP - THE GUARDIAN
Compensation payments for the Gladstone power plant remain the sticking point in the federal government’s coal price cap compensation negotia ...
Wednesday, 28 December 22
MARKET INSIGHT - INTERMODAL
The United Nations Conference on Trade and Development (UNCTAD) published a Global Trade Update on December 13th highlighting that global trade wou ...
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- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Australian Coal Association
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- White Energy Company Limited
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
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