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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, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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Showing 26 to 30 news of total 6871 |
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- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Australian Coal Association
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- PTC India Limited - India
- SMG Consultants - Indonesia
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
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