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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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Saturday, 13 February 10
INDONESIA ISSUES NEW MINING REGULATIONS
Indonesia has issued two new regulations under its mining law to allow firms to start obtaining mining permits, in a move that should increase certa ...
Saturday, 13 February 10
COAL INDIA 2010/11 COAL IMPORTS TO JUMP - EXEC
Coal imports by state-run Coal India Ltd are likely to soar to 6-10 million tonnes in fiscal 2010/11 from an expected 1.5-1.7 million tonnes in the ...
Saturday, 13 February 10
RULES MAY FREE $10B OF MINING PROJECTS IN INDONESIA
The government announced on Friday that it had issued two implementing regulations for the new Mining Law that will clear the way for the developmen ...
Saturday, 13 February 10
INDONESIA OFFERS TAX INCENTIVES FOR RENEWABLE ENERGY
Indonesia is offering tax incentives to develop renewable energy projects, including geothermal energy, to cut dependency on fossil fuels, a decree ...
Friday, 12 February 10
MECHEL EYES 2010 COAL OUTPUT AT 28-29 MLN T
Russian steel and coking coal producer Mechel expects coal output to reach 28-29 million tonnes this year, returning to pre-crisis levels thanks to ...
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- Asmin Koalindo Tuhup - Indonesia
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- Independent Power Producers Association of India
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- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
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- Bangladesh Power Developement Board
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- Energy Development Corp, Philippines
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- Maharashtra Electricity Regulatory Commission - India
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- Formosa Plastics Group - Taiwan
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- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
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- The University of Queensland
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- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
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- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Intertek Mineral Services - Indonesia
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- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
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- Singapore Mercantile Exchange
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- Cement Manufacturers Association - India
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- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
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- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
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- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
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- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
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- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
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- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
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- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
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- Latin American Coal - Colombia
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- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
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