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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, 25 November 09
NAPOCOR SCRAPS AWARD OF 715,000 TONS COAL
Top Philippine electricity producer National Power Corp. (Napocor) said on Wednesday it had cancelled plans to award 715,000 tons in coal supply con ...
Wednesday, 25 November 09
RISING FREIGHT RATES HIT COAL IMPORTERS
While state-owned NTPC’s 12.5 million tonne coal import order may have been aimed at plugging the shortage of coal at its thermal power plants ...
Wednesday, 25 November 09
CSN TO BUY RIVERSDALE STAKE TO BOOST COAL SUPPLIES
Cia. Siderurgica Nacional SA plans to buy 16.3 percent of Australian coal-exploration company Riversdale Mining Ltd. for about A$190.5 million ($175 ...
Tuesday, 24 November 09
ICRA DOWNGRADES TNPL`S RATING TO LAA
Credit rating agency, ICRA has revised the long term rating for the Rs 11.25 billion long-term fund-based bank facilities and Rs 1.5 billion non-con ...
Monday, 23 November 09
INDONESIA MINING RULE THREATENS INVESTMENT DRIVE
A new Indonesian mining rule, limiting contract work that can be outsourced and favouring local players, is shaping up as a new blow to plans ...
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- London Commodity Brokers - England
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- Global Business Power Corporation, Philippines
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- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Parliament of New Zealand
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- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Planning Commission, India
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- Straits Asia Resources Limited - Singapore
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- IEA Clean Coal Centre - UK
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- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Jindal Steel & Power Ltd - India
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- Cement Manufacturers Association - India
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- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
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- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Economic Council, Georgia
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- LBH Netherlands Bv - Netherlands
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- Bangladesh Power Developement Board
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- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
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