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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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Thursday, 14 January 10
INDONESIA POWER REDUCES COAL SUPPLY
PT Indonesia Power will reduce coal supplies from PT Tambang Batu Bara Bukit Asam to its Suralaya Power Plant. "The coal supply for the plant s ...
Thursday, 14 January 10
INDIANS RESUME S. AFRICA COAL BUYING AGAINST INDEX - REUTERS
Indian trade buyers have resumed buying of South African prompt coal cargoes after a two-month hiatus but are opting for index-linked pricing, hopin ...
Wednesday, 13 January 10
STEAMING COAL SUPPLY SPOT CONTRACT FOR TAEAN POWER PLANT
COALspot.com (South Korea): Korea Western Power Co., Ltd is looking for total 1.12 million tons of Bituminous Coal for TAEAN Power Plant.
Accord ...
Wednesday, 13 January 10
INDONESIA ISSUES COAL, METAL DECREE
Indonesia has issued a ministerial decree which requires metal and coal miners to set aside a certain amount of their production for domestic needs, ...
Wednesday, 13 January 10
RESTING TIME FOR INDONESIAN COAL LOADING VESSELS
COALspot.com (Indonesia): 11 - 15 vessels are waiting in anchorages of Muara Berau and Tanjung Pemancingan to load total about 700,000 – ...
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- Meenaskhi Energy Private Limited - India
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- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
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- Indika Energy - Indonesia
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- Ministry of Finance - Indonesia
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- Billiton Holdings Pty Ltd - Australia
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- Medco Energi Mining Internasional
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- Semirara Mining and Power Corporation, Philippines
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- Australian Coal Association
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- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
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- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
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- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
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- Bulk Trading Sa - Switzerland
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- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
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- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
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- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
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- ICICI Bank Limited - India
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- OPG Power Generation Pvt Ltd - India
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- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
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- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Eastern Energy - Thailand
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