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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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Saturday, 07 November 09
THE STEAM COAL MOVEMENT FROM INDONESIA TO INDIA REMAINED QUITE STRONG - CAPT. REDDY
COALspot.com (Singapore): The BDI continued rising this week and was up by 290 points up by almost 9 pct and the index closed at 3,393 points.
B ...
Friday, 06 November 09
COAL INDIA ABANDONS PLAN TO BUY ASSET IN AUSTRALIA
Coal India’s efforts to acquire a mid-sized virgin thermal coal block from a private party in Australia have drawn a blank.
The effort was ...
Friday, 06 November 09
NEW ASSETS WILL INCREASE COKING AND THERMAL COAL PRODUCTION
Coal and metals processing company Coal of Africa Limited (CoAL) aims to produce 10-million tons a year of coking coal and two-million tons a year o ...
Friday, 06 November 09
NTPC TO APPOINT MERCHANT BANKER FOR S AFRICA COAL MINE
State-run power producer NTPC, which is eyeing coal mines in South Africa to meet the gap in domestic fuel supply, will appoint a merchant banker ne ...
Thursday, 05 November 09
MERCATOR LINES AIMS TO BECOME A $5 BILLION COMPANY
Mercator Lines, India’s second largest private sector shipping line, plans to invest and expand, riding India’s next wave of growth, the ...
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- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
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- Chamber of Mines of South Africa
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- Africa Commodities Group - South Africa
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- Commonwealth Bank - Australia
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- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
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- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
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- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- The University of Queensland
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- Power Finance Corporation Ltd., India
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- Energy Link Ltd, New Zealand
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- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
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- Economic Council, Georgia
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- Global Business Power Corporation, Philippines
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- Ministry of Transport, Egypt
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- Samtan Co., Ltd - South Korea
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- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
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- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Central Electricity Authority - India
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- Directorate General of MIneral and Coal - Indonesia
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- Merrill Lynch Commodities Europe
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- Thiess Contractors Indonesia
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- Parliament of New Zealand
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- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
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- Independent Power Producers Association of India
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- Planning Commission, India
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- MS Steel International - UAE
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- SN Aboitiz Power Inc, Philippines
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- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
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