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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, 16 December 09
COECLERICI EYES SECOND RUSSIA COAL MINE
* CEO says "seriously considering" mid-small size purchase
* Will use mine to increase exports to Asia
* Says delays at ports will not c ...
Wednesday, 16 December 09
INDONESIA'S FIRST PRIVATE RAILWAY TO BOOST RAK'S MINING INTERESTS
MEC infra to invest $1b in construction of 130-km transport link
A 130-kilometre railway that will ease the transport of raw materials and finish ...
Tuesday, 15 December 09
KOMIPO HAS ISSUED A NEW TENDER FOR 30000 MT OF 5200 NAR KCAL/KG COAL
COALspot.com (South Korea): South Korean state-owned utility Korea Midland Power (KOMIPO) has issued an new tender for prompt supply of 30000 M ...
Tuesday, 15 December 09
CHINA CUTS IMPORT DUTIES ON COAL, RAISES FOR OTHERS
China will lower import duties on more than 600 products next year, including coal, naphtha and phosphate ore, the Finance Ministry said on Tuesday. ...
Tuesday, 15 December 09
NTPC'S COAL WOES UNLIKELY TO END SOON
State-owned power producer NTPC’s woes over shortages of coal may not end soon. Though the company is importing 12.5 million tonnes of coal&nb ...
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- Indian Oil Corporation Limited
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- Australian Coal Association
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- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
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- Singapore Mercantile Exchange
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- Baramulti Group, Indonesia
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- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
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- Global Green Power PLC Corporation, Philippines
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- Goldman Sachs - Singapore
- White Energy Company Limited
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- Ministry of Mines - Canada
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- Economic Council, Georgia
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- New Zealand Coal & Carbon
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- SMC Global Power, Philippines
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- Renaissance Capital - South Africa
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- IHS Mccloskey Coal Group - USA
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- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
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- Jaiprakash Power Ventures ltd
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
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- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
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- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
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- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
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- ICICI Bank Limited - India
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- Parliament of New Zealand
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- GAC Shipping (India) Pvt Ltd
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- Merrill Lynch Commodities Europe
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- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
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