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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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Wednesday, 17 February 10
LAND OVERLAPPING UNAVOIDABLE
Land overlapping issues in the mining industry is unavoidable due to the availability of mineral, coal, and oil resources which are often located be ...
Wednesday, 17 February 10
JORONG COULD COST BANPU 5%
Banpu Plc, Asean's biggest coal miner, forecasts a 5% drop in revenue if its suspended coal mine in Indonesia is closed for one year, says presiden ...
Wednesday, 17 February 10
RUSSIA KRU JAN COAL EXPORTS DOWN 4 PCT
Kuzbassrazrezugol, Russia's second largest steam coal producer, exported 1.859 million tonnes of coal last month, down 80,000 tonnes or 4 percent f ...
Wednesday, 17 February 10
VEDANTA SET FOR PORTS ENTRY WITH VIZAG TENDER
Vedanta, along with Leighton Contractors India, quoted a revenue share of 38.1% to win the 30-year contract
Mining and metals conglomerate Vedant ...
Tuesday, 16 February 10
TRENDS DRY BULK MARKET ... TRENDS - BRS
The start of the Chinese New Year had an immediate impact on rates and for once all the dry bulk segments lost similar ground.
The BDI fell 5%, a ...
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- Chamber of Mines of South Africa
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- Commonwealth Bank - Australia
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Energy Development Corp, Philippines
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- Samtan Co., Ltd - South Korea
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- SMG Consultants - Indonesia
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- Heidelberg Cement - Germany
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
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- Bulk Trading Sa - Switzerland
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- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
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- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
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- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
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- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
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- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
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- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
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- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
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- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
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- Essar Steel Hazira Ltd - India
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- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
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- Thiess Contractors Indonesia
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- Indian Energy Exchange, India
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- San Jose City I Power Corp, Philippines
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- Sojitz Corporation - Japan
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
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- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
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- Coalindo Energy - Indonesia
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- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
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- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
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- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
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- Mercuria Energy - Indonesia
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- Electricity Authority, New Zealand
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- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
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- Price Waterhouse Coopers - Russia
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- The State Trading Corporation of India Ltd
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