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Monday, 01 February 10
CIL PLANS TO INVEST IN OVERSEAS COAL MINES
 Over the next 10 years, CIL expects to import from these mines at least 500 million tonnes of thermal coal, a variety used by power plants
The board of state-owned miner Coal India Ltd (CIL) on Saturday approved a plan to acquire equity interest in 15-20 coal mines in Australia, Indonesia and the US. This could cost CIL up to $2 billion (Rs9,280 crore), according to chairman Partha S. Bhattacharyya.
CIL would develop some of these mines in partnership with firms such as US-based Peabody Energy Corp.—the world’s largest private sector coal miner—and Massey Energy Co.; others are operating mines in which CIL will buy small equity stakes in return for committed coal supplies.
“This is CIL’s first step towards achieving a global footprint… the benefits are going to be substantial,” Bhattacharyya said.
Through competitive bidding, which started in July, CIL had identified nine investment proposals. Its board decided that CIL will pursue the two best investment proposals each in Australia, Indonesia and the US.
The six investment proposals would give CIL access to some 15-20 mines, the due diligence on which would soon begin. “Within six months, we’ll start closing deals,” he said. “We are going to deal with highly credible partners. So the due diligence exercise should not take too long.”
“This is CIL’s first step towards achieving a global footprint… the benefits are going to be substantial”
- Chairman,
Coal India Ltd. |
Over the next 10 years, CIL expects to import from these mines at least 500 million tonnes of thermal coal, a variety used by power plants. Coal supplies from these mines are expected to begin in fiscal 2011, Bhattacharyya said.
In fiscal 2009, CIL produced 404 million tonnes of coal, of which almost 300 million was sold to power plants. In the same year, India imported around 60 million tonnes of coal, of which 36-37 million tonnes was thermal coal.
“It’s a step in the right direction,” said Sumantra Banerjee, managing director of CESC Ltd, a Kolkata-based power utility. Key to the success of this arrangement is the freight cost of importing the coal. “Even if CIL secures high quality coal, the freight cost of importing coal from many countries—Australia and South Africa for instance—is prohibitive,” Banerjee added.
CIL expects to secure supplies at a substantial discount to international spot prices. Even if the landed cost of coal imported under this arrangement is $10 a tonne less than international spot prices, the country will save $500 million a year, assuming CIL imports on an average 50 million tonnes of coal a year, Bhattacharyya said, adding, “Some of this will, of course, translate into profits for CIL.” To read more Livemint
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Tuesday, 02 March 10
INDONESIA'S PROTECTED FORESTS NOW OPEN TO DEVELOPMENT
The Jakarta Globe reported that, President Susilo Bambang Yudhoyono has signed a decree to allow mining, power plants and other projects deemed stra ...
Monday, 01 March 10
166 MINING COMPANIES THREATEN ENVIRONMENT
Viva News reported that, the Indonesian Forum for the Environment (Walhi) of East Kalimantan reveals that 166 coal mining companies, which are curre ...
Monday, 01 March 10
IRON ORE PRICE NEGOTIATIONS - 80PCT HIKE SEEN BY CHINESE
China Knowledge quoted an insider from a large Chinese steel company said there will be a significant increase in steel prices in the next few month ...
Sunday, 28 February 10
SUPRAMAX CHARTER RATES FOR ONE YEAR IS AROUND US$ 19,000/20,000 PER DAY - VISTAAR SINGAPORE
COALspot.com : The freight market firmed up by almost 10 pct on Supramax and Handy size and about 7 pct on Panamax.
However it was interesting to ...
Sunday, 28 February 10
MINISTRY SEEKS TWO YEAR DELAY TO IMPLEMENT ENVIRONMENT LAW
The Jakarta Post reported that, The ministry of energy and mineral resources has proposed that the government postpone the implementation of the 200 ...
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- Georgia Ports Authority, United States
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- Tata Chemicals Ltd - India
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- Globalindo Alam Lestari - Indonesia
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- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
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- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
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- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
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- South Luzon Thermal Energy Corporation
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- Oldendorff Carriers - Singapore
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- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
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- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
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- Neyveli Lignite Corporation Ltd, - India
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- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
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- Planning Commission, India
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- Trasteel International SA, Italy
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- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
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- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
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- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
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- Metalloyd Limited - United Kingdom
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- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
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- TNB Fuel Sdn Bhd - Malaysia
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- Ambuja Cements Ltd - India
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- Economic Council, Georgia
- The University of Queensland
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- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
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- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
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