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Friday, 04 December 09
JSW ENERGY TO BUY OUT PARENT FIRM'S COAL BLOCK
JSW Energy plans to buy the stake held by JSW Steel in a thermal coal block in Mozambique in an attempt to become an integrated energy company with operations ranging from power generation, transmission, trading, mining and power equipment manufacture.
“We plan to sell the stake held by JSW Steel to JSW Energy and transfer ownership of the reserves in the coal block of Mozambique,” said Sajjan Jindal, vice-chairman and managing director of JSW Steel and CMD of JSW Energy.
JSW had entered into MoUs to acquire four concessions for prospecting and exploration licence for coal and associated minerals. The group paid $6 million as token amount with a commitment to pay royalties once mining commences.
As per the red herring prospectus, on January 4, 2008, JSW Energy entered into a coal sales purchase contract with JSW Natural Resources Mozambique Limitada (“JSW Mozambique”) — an affiliate of JSW Steel. Under this contract, JSW Mozambique agreed to sell six million tonnes of steam coal annually, meeting a gross calorific value of 5,500-6,000 kilocalorie/kg. Delivery of the coal will begin in April 1, 2011, and continue for 25 years, the prospectus said.
During financial year 2008-09, JSW Mozambique posted a net loss of Rs 5.91 crore, and JSW Natural Resources was also in the red. “The whole transfer will be based on proper valuations and we are evaluating the prospect internally as well as by nominated few advisors. However, the timeline has not been decided. Following the transfer, the entire mine will be held by us and the long-term contract with JSW Natural Resources will be terminated,” said Pramod Menon, chief financial officer, JSW Energy.
“We expect the resource base to be sufficient to continue for 25 years. However, we will start with around five million tonnes of coal per annum instead of six million tonnes, as earlier agreed with JSW Natural Resources,” he said.
Jindal said all overseas coal mining asset acquisitions going forward will also be through JSW Energy.
Source: My Digital
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Friday, 22 January 10
JSW ENERGY TO INVEST RS 4,500 CRORE IN COAL MINES ABROAD
The Sajjan Jindal-promoted JSW Energy is planning an investment of Rs 4,500 crore (US$ 978,260,869) to acquire coal mines abroad and another of Rs 1 ...
Thursday, 21 January 10
HANDYMAX - SHORT PERIOD OWNERS IDEAS ARE AROUND MID/LOW 20S - FEARNLEYS AS
HANDY
The BSI moved in a downward direction since last Friday reflecting minor a ...
Thursday, 21 January 10
ASF GROUP TO COMMENCE COAL SALES TO CHINA BY FEBRUARY 2010
Sydney-based China energy and resource conduit, ASF Group has struck an agreement to supply coal to China.
In September 2009, ASF announced a ven ...
Thursday, 21 January 10
INDONESIA BUKIT ASAM AGREES ON LOWER COAL PRICE
Indonesian state coal miner PT Tambang Batubara Bukit Asam Tbk has agreed with a local power plant to set 2010 coal prices at 23 percent lower than ...
Thursday, 21 January 10
CABOTAGE POLICY POSTPONED
The Transportation Ministry has decided to postpone for one year the full enforcement of the cabotage principle – a maritime term for the proh ...
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- CNBM International Corporation - China
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- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
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- The University of Queensland
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- Petron Corporation, Philippines
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- New Zealand Coal & Carbon
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- Timah Investasi Mineral - Indoneisa
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- Jorong Barutama Greston.PT - Indonesia
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- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
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- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
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- Kideco Jaya Agung - Indonesia
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- Aditya Birla Group - India
- Videocon Industries ltd - India
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- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
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- Economic Council, Georgia
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- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Planning Commission, India
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- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
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- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
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- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
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- Thiess Contractors Indonesia
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- Bhatia International Limited - India
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- Cement Manufacturers Association - India
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- MS Steel International - UAE
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- Rashtriya Ispat Nigam Limited - India
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- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
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- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Minerals Council of Australia
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- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
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- McConnell Dowell - Australia
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- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
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- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
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- SMG Consultants - Indonesia
- ASAPP Information Group - India
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- Kaltim Prima Coal - Indonesia
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- Africa Commodities Group - South Africa
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- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
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- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
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- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
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- Australian Coal Association
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- Mercator Lines Limited - India
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