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Thursday, 11 February 10
JSW STEEL IS CLOSE TO ACQUIRING TWO COAL MINES IN THE US
 “We are in advanced stages of negotiation and the deal will be completed in a month or two,” a company official told DNA Money on the condition of anonymity.
The mines are located in West Virginia, a district known for its coal reserves, the official said. Incidentally, United Coal, the company JSW Steel wanted to buy two years ago, is in the same area.
However, DNA Money could not ascertain the total reserves in the mines or the price JSW will pay for the acquisitions. The steelmaker said in November last year that it was looking to spend $500 million on acquisition of coal mines.
Seshagiri Rao, the joint managing director and group chief financial officer could not be reached for comment despite repeated calls and messages.
The official, however, said the reserves are lower than what United Coal had. United Coal, with its mines in West Virginia and Kentucky in the US, had total reserves of 165 million tonne.
JSW Steel was looking to pay around $1.5-2 billion for the company, but later retracted as it found the valuations expensive.
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"JSW Steel was looking to pay around $1.5-2 billion for the mines that had total reserves of 165 million tonne, but later retracted as it found the valuations expensive”
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The company has been scouting for coal assets to acquire across the globe, from the US to Australia, Indonesia to South Africa. It has been importing coking coal from Australia and aims to secure 50% of coal supplies through captive sources, including global buyouts.
JSW Steel, which produced around 7 million tonne of steel last fiscal, will hit the 10 million tonne mark once its ongoing expansion gets over by the next fiscal-end. The increase in production will require use of an additional 5 million tonne coking coal.
The company had in 2006 bought a coal mine in Mozambique with reserves of 200 million tonne. However, after exploration and detailed study of the coal, JSW found that the coal had high ash content, making it useless for steelmaking.
“We are looking at alternative sites, as the Mozambique project is commercially unviable,” Sajjan Jindal, vice chairman and managing director, JSW Steel said in October last year.
The steelmaker has said that the Mozambique mines will be sold to its recently listed sister company JSW Energy. “Fortunately or unfortunately, around 80% of the coal is in the form of thermal coal at Mozambique. We will probably get it valued and sell to JSW Energy. The remaining 20% will be used by our steel plants,” Jindal said in December last year.
Source: DNA India
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Tuesday, 23 February 10
TRENDS..... DRY BULK MARKET .... TRENDS
The dry bulk market was pulled along by the Capes this week, as fresh enquiry breathed temporary life back into the market. Short period rates also ...
Tuesday, 23 February 10
UAE COMPANY TO ACQUIRE CONTROL OF ALLBOND MAKMUR
The Jakarta globe reported that, Renuka Energy Resources Holding, based in the United Arab Emirates, has signed an agreement to acquire 80 percent o ...
Tuesday, 23 February 10
CIL SHORTLISTS 24 FOREIGN COS FOR JV
India's Economic Times reported that, Coal India has shortlisted 24 foreign firms — six each from the US, Australia, South Africa and Indones ...
Saturday, 20 February 10
THE FREIGHT MARKET CONTINUED TO BE SOFT THIS WEEK - CAPT. REDDY
COALspot.com: The freight market continued to be soft this week as still affect of Chinese new year holidays continue. However the index overall had ...
Friday, 19 February 10
MAKING THE JOINT COOPERATION OF PRIVATE GOVERNMENT IN INDONESIA
COALspot.com - Press Release
1. Revision of the presidential decree 67/2005 has been signed by the President on January 28, 2010 with the public ...
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- Intertek Mineral Services - Indonesia
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- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
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- Global Business Power Corporation, Philippines
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- Salva Resources Pvt Ltd - India
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- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
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- The Treasury - Australian Government
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- Singapore Mercantile Exchange
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
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- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
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- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
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- GVK Power & Infra Limited - India
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- Bhoruka Overseas - Indonesia
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- Rio Tinto Coal - Australia
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- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
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- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
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- Mercator Lines Limited - India
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- Tata Chemicals Ltd - India
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- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
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- Kumho Petrochemical, South Korea
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- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
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- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
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- Star Paper Mills Limited - India
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- Metalloyd Limited - United Kingdom
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- Ministry of Mines - Canada
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- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
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- Siam City Cement PLC, Thailand
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