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Wednesday, 07 October 09
COAL INDIA LOOKS AT LONG-TERM PRICE CONTRACTS
 Economic Times reported that, Coal India is looking at long-term price contracts, of at least three-four year periods, with foreign entities, 54 of them, who have responded to expression of interests (EoI) for strategic partnership with it. The idea is to import coal through this strategic partnership at a price which would be way cheaper than imported coal. In India, consumers either buy coal from the volatile spot market or through one-year contracts.
The coal major will primarily focus on either forming JV companies or collaborating with foreign entities who have coal assets in their respective home country. It is open to investing an aggregate of $1.5 billion in these ventures. CIL had invited expression of interests to form joint ventures or collaborate with mining companies from four countries – United States, Indonesia, Australia and South Africa.
Following his visit to meet interested parties in the US, Mr Partha S Bhattacharyya, chairman CIL said: "Central Mine Planning & Design Institute (CMPDIL) is examining each of these offers. They have made different offers and CMPDIL is examining them to come up with a format for presentation that needs to be made to CIL top bosses by December."
"We found that the companies in the US have not been experiencing much of a rise in production due to demand stagnation. However, they said, adequate investment and rise in demand in the form of orders from India could give them the boost to enhance production and take up additional investment in conjunction with CIL," said Mr Bhattacharyya.
Adding, he said: "We intend to work out the terms of the long term contract through strategic alliances which can be an effective way of importing coal faster and at cheaper prices."
On funding the proposed investments, Mr Bhattacharyya said: "CIL has total reserves of about $5-6 billion. It generates additional reserves of about Rs 3-4K crore (US$ 0. 643 - 0.857 billion) every year that can take care of the domestic investments for expansion and we would be open to investing anything between $1-5 billion for these ventures."
Back home, CIL registered a 9.9% rise to 184.44 million tonnes (167.8) in the first half of 2009-10. However, production from underground mines, which started showing a marginal rise, has declined once again albeit marginally by 0.31 mt to 20.78 mt. Coal offtake, on the other hand, rose 4.3% at 194.3 mt (186.22 mt) in the same period.
The company registered a decline in profit before tax 20% to Rs 3,600 crore (US$ 771,839,976.31 ) against Rs 4,484 crore (US$ 961,369,570.50) in the previous period. It is expecting a Rs 2,000 crore (US$ 428,799,986.84) additional outgo on account of wage revision and a Rs 1,400 crore (US$ 300,159,990.78) tax payout.
On forward E-auction, CIL top bosses said the first few e-auctions did not evince much interest from customers. About 16 lakh tonnes was offered but only about 2 lakh tonnes was picked up. "It seems that the mark-up on the notified price has not attracted adequate interest.
The base prices for e-auction were on cost of production basis subject to a maximum of 100% over notified price, since coal being offered were from underground mines that may have turned unviable if sold at notified prices. However, we need to reduce the base price to attract adequate bidders," he said. (US$ 1 = INR 46.641)
Source: Economic Times
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Wednesday, 30 September 09
COKING COAL PRICES MAY TOUCH $200/TN IN 2010-11
Business Standard reported that, Driven by surge in imports of coking coal by China, growth in Japanese steel output and signs of recovery in the In ...
Wednesday, 30 September 09
PURNOMO BIDS 'GOODBYE' TO ENERGY MINISTRY
The Jakarta globe reported that, In what could be construed as a resignation speech from a government official — but perhaps wasn’t &mda ...
Tuesday, 29 September 09
MINING AND ENERGY DAY 2009
The Minister of Energy and Mineral Resources, Purnomo Yusgiantoro led the ceremony marking 2009 Mining and Energy Day celebrations, held at the Depa ...
Tuesday, 29 September 09
BUKIT ASAM REDUCES ITS SALES TARGET
Tempo Interactive reported that, PT Tambang Batubara Bukit Asam Tbk has decided to reduce its sales target this year from 14.5 million tons of coal ...
Monday, 28 September 09
INDONESIA UNLIKELY TO PASS NEW MINING RULES IN 2009
Reuters reported that, Indonesia is unlikely to complete final regulations attached to a new mining and coal law this year, an official said on Mond ...
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- CIMB Investment Bank - Malaysia
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
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- India Bulls Power Limited - India
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- Africa Commodities Group - South Africa
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- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
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- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
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- GAC Shipping (India) Pvt Ltd
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- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
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- Rashtriya Ispat Nigam Limited - India
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- IEA Clean Coal Centre - UK
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- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
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- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
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- Goldman Sachs - Singapore
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- White Energy Company Limited
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- Ind-Barath Power Infra Limited - India
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- Bulk Trading Sa - Switzerland
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- Globalindo Alam Lestari - Indonesia
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- Binh Thuan Hamico - Vietnam
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- Formosa Plastics Group - Taiwan
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- Bukit Makmur.PT - Indonesia
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- Directorate General of MIneral and Coal - Indonesia
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- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
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- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
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- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Altura Mining Limited, Indonesia
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- Energy Link Ltd, New Zealand
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- Georgia Ports Authority, United States
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- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- The University of Queensland
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- Indonesian Coal Mining Association
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- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Indian Oil Corporation Limited
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- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
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- Bangladesh Power Developement Board
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- Planning Commission, India
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