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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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Monday, 30 November 09
INDIA UTILITIES MOVE TO COAL INDEX - PRICING
Indian state utilities are leading a switch to coal index-linked pricing from fixed prices to secure imports and to be visibly paying fair market pr ...
Monday, 30 November 09
RECAPITAL TO ACQUIRE BERAU COAL
Unlisted Indonesian coal producer Berau will redeem outstanding bonds before the acquisition by Recapital Advisers is completed by the end of this y ...
Friday, 27 November 09
IMPORTING LIGNITE INTO COAL RICH KOSOVO
Balkan Insight has discovered that one of Kosovo’s biggest firms is being forced to import lignite from Malaysia and Indonesia, despite estima ...
Friday, 27 November 09
SOUTH AFRICA STILL TOPS IN COAL EXPORT RANKINGS
Mining Weekly reported that, Despite significant coal-mining capacity recently discovered in the Southern African region, according to senior coal a ...
Friday, 27 November 09
BHP SEEKS VARIABLE COKING COAL PRICE IN JAPAN, NIKKEI SAYS
Bloomberg reproted that, BHP Billiton Ltd. has asked Japanese steelmakers to move to pricing of coking coal linked to spot rates rather than negotia ...
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- New Zealand Coal & Carbon
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- Chamber of Mines of South Africa
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- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
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- Thai Mozambique Logistica
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- Romanian Commodities Exchange
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- Holcim Trading Pte Ltd - Singapore
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Planning Commission, India
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- Ambuja Cements Ltd - India
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- Eastern Coal Council - USA
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- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
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- Binh Thuan Hamico - Vietnam
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- Indian Oil Corporation Limited
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- Ministry of Transport, Egypt
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- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
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- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
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- Aboitiz Power Corporation - Philippines
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- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
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- Metalloyd Limited - United Kingdom
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- Tata Chemicals Ltd - India
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- Economic Council, Georgia
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- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
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- Pipit Mutiara Jaya. PT, Indonesia
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- Global Green Power PLC Corporation, Philippines
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- South Luzon Thermal Energy Corporation
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- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
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- The Treasury - Australian Government
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