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Friday, 22 January 10
MERCATOR EYES MORE COAL MINES IN INDONESIA
 India’s second-largest private shipping company Mercator Lines is looking at acquiring more coal mines in Indonesia as part of its strategy to hedge against the cyclical nature of the shipping business.
The HK Mittal-controlled company has earmarked up to $100 million capex (nearly Rs 450 crore) for its coal business and is targeting production of 8 to 10 million tonne (MT) annually from Indonesia over the next five years. “The company is in talks with the Indonesian government and some private players for acquiring the coal mines,” a top level company source told ET.
Indonesia, the world’s third-largest exporter of steaming coal after Australia and China, had coal reserves of 4,328 MT at the end of 2007, according to a survey. The Indonesian government has allowed Indian companies to own 100% stake in coal mines.
Mercator acquired a coal block in Mozambique in 2008 and three coal mines in Indonesia last year and is aggressively searching for more in view of the huge demand from India and other countries.
While production has not yet started at the Mozambique block, the shipping firm is currently producing more than 2 MT of coal per year from the three Indonesian mines, which have a deposit of 21 MT. Now, Mercator has become the biggest exporter of coal from Indonesia to India through its subsidiary Oorja.
“We are keen to quickly acquire more mines in Indonesia. We may acquire a coal mine this year itself,” said sources. The company, over the past few years, has been attempting to minimise the impact of the cyclical nature of the shipping industry through its foray into other activities. As a result, during the first six months of the current financial year, revenues from offshore, coal handling and coal mining amounted to Rs 219.6 crore (US$ 47,739,130) or 25.7%, of its total consolidated revenues during the period. (1 USD = 46.0000 INR)
Source:Economic Times
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Thursday, 04 February 10
RI TO GRADUALLY STOP COAL EXPORTS
Indonesia, which over the past few years has become the world`s third largest coal exporter after Australia and China, is planning to gradually stop ...
Thursday, 04 February 10
NO AMDAL, NO COAL MINING IN KALIMANTAN: MINISTRY
To prevent further environmental damage, the government has said it would revoke the licenses of mining firms operating in Kalimantan that do not ha ...
Thursday, 04 February 10
ANTICIPATING DOMESTIC COAL DEMAND
Indonesia has an abundant amount of coal reserves, which in 2008 is estimated at 7,12 billion tones. Coal production in 2008 reached 231,18 mi ...
Wednesday, 03 February 10
CHINA'S MAIN COAL PRICES FALL AS WINTER DEMAND EASES
Weekly coal prices at China's Qinhuangdao port, a benchmark in the world's biggest producer and consumer of the fuel, fell for the first time in s ...
Wednesday, 03 February 10
NEWCASTLE COAL EXPORTS RISE 3%; SHIP QUEUE SHORTENS
Coal shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel, increased 3 percent last week while the ...
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- Africa Commodities Group - South Africa
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