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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, 27 January 10
PEABODY ENERGY EYES 'RED HOT' ASIAN COAL DEMAND
US miner Peabody Energy has seen already-strong Asian markets become “red hot”, as demand for metallurgical and thermal coal strains sup ...
Wednesday, 27 January 10
KOLKOTTA BASED POWER UTILITY CESC LOOKING FOR 100,000 MT OF COAL FOR MAY & JUNE DELIVERY
COALspot.com (India): Kolkotta based power utility CESC, the flagship company of the diversified RPG group of India, has issued a closed tender to b ...
Tuesday, 26 January 10
FREIGHT COST ERODES INDIA CEMENTS NET
"Freight cost increased from an average of around 14% of sales in the previous quarters to around 20% in the third quarter"
The Decembe ...
Tuesday, 26 January 10
VITOL BUYS EXPORT SPACE AT COLOMBIA SANTA MARTA PORT
Global energy trader Vitol has signed a four-year deal to take export capacity at Colombia's 3 million tonnes a year Carbonsan port in Santa Marta, ...
Tuesday, 26 January 10
AUSTRALIAN FIRM TO MINE COAL IN WEST BENGAL
India Resources Ltd (IRL), a mining firm listed on the Australian Stock Exchange, has decided to enter into contract mining of coal in
India ...
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- Energy Development Corp, Philippines
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- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
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- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
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- Meralco Power Generation, Philippines
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- Samtan Co., Ltd - South Korea
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- Rashtriya Ispat Nigam Limited - India
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- Georgia Ports Authority, United States
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- Kumho Petrochemical, South Korea
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- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
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- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
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- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
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- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
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- AsiaOL BioFuels Corp., Philippines
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- Simpson Spence & Young - Indonesia
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- Offshore Bulk Terminal Pte Ltd, Singapore
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- Ministry of Mines - Canada
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- Coal and Oil Company - UAE
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- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
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- Toyota Tsusho Corporation, Japan
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- Trasteel International SA, Italy
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
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- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
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- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
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- Therma Luzon, Inc, Philippines
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- Standard Chartered Bank - UAE
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- SN Aboitiz Power Inc, Philippines
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- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- India Bulls Power Limited - India
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- South Luzon Thermal Energy Corporation
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