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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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Wednesday, 13 January 10
SOUTH AFRICA STEAM COAL PRICE FALLS SHARPLY
Reuters reported that South African physical coal prices fell sharply on Tuesday with a March cargo trade at USD 87.5 a tonne FOB Richards Bay and d ...
Wednesday, 13 January 10
ADHUNIK GROUP TO BUY 50 PCT IN AUSTRALIA MINE
The Adhunik group of Industries is in talks to acquire 50 percent in an Australian coking coal mine for $100 million, the Economic Times reported on ...
Wednesday, 13 January 10
COAL MARKETS 2010 CONFERENCE - SINGAPORE, 28 - 29 JANUARY 2010
COALspot.com (Press Release): As an established annual event that has been running for more than 7 years now with extensive industry support from ke ...
Wednesday, 13 January 10
IRON ORE PRICE TIPPED TO RISE 40PC, SAYS ANZ
THE price battle in the controversial iron ore negotiations is expected to intensify.
ANZ senior commodities analyst Mark Pervan has increased h ...
Wednesday, 13 January 10
KANGAROO RESOURCES KICKS OFF INDONESIAN COAL PRODUCTION
Coal-focused company Kangaroo Resources has formally joined the ranks of international coal operators after wrapping up the delivery and sale o ...
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- IHS Mccloskey Coal Group - USA
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- Eastern Coal Council - USA
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- Economic Council, Georgia
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- Indian Energy Exchange, India
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- Sindya Power Generating Company Private Ltd
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- Parliament of New Zealand
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- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
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- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
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- IEA Clean Coal Centre - UK
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- Bukit Makmur.PT - Indonesia
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- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
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- European Bulk Services B.V. - Netherlands
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- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
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- Eastern Energy - Thailand
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- Wilmar Investment Holdings
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- Minerals Council of Australia
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- Indian Oil Corporation Limited
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- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- MS Steel International - UAE
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- Siam City Cement PLC, Thailand
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- GMR Energy Limited - India
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- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
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