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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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Monday, 08 February 10
BLACK RIDGE MINING APPOINTS INDEPENDENT CONSULTANT
Australian-listed Black Ridge Mining has announced the appointment of David Tuit as an independent consultant to assist with the assessment of the c ...
Monday, 08 February 10
SOUTH AFRICAN EXPORT COAL RISES FOR FIRST TIME IN FOUR WEEKS
Prices for coal shipped from South Africa’s Richards Bay, the continent’s biggest export facility for the fuel, posted their first gain ...
Monday, 08 February 10
NTPC HOPES TO START ON 500-MW PROJECT IN SRI LANKA BY FEB-END
NTPC sources told Business Standard, “All formalities from our government and NTPC have been completed.
The opinion of the Sri Lankan atto ...
Sunday, 07 February 10
AN AUSTRALIAN FIRM HAS SIGNED A $60BN DEAL TO SUPPLY COAL TO CHINESE POWER STATIONS
Clive Palmer, chairman of the company, Resourcehouse, said it was Australia's "biggest ever export contract".
Under the deal, the firm ...
Saturday, 06 February 10
FREIGHT WOULD CONTINUE TO BE SOFT NEXT WEEK - VISTAAR SHIPPING
COALspot.com (Singapore): The freight market continued to soften this week including the stock markets. The main reason seems to be Chinese ne ...
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- Power Finance Corporation Ltd., India
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- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
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- International Coal Ventures Pvt Ltd - India
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- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
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- London Commodity Brokers - England
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- PTC India Limited - India
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
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- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
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- Kalimantan Lumbung Energi - Indonesia
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- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
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- Global Business Power Corporation, Philippines
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- Thai Mozambique Logistica
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- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
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- White Energy Company Limited
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- Siam City Cement PLC, Thailand
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- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Minerals Council of Australia
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- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Australian Coal Association
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- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
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- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Deloitte Consulting - India
- Romanian Commodities Exchange
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- Interocean Group of Companies - India
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
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- Indogreen Group - Indonesia
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- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
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- Economic Council, Georgia
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- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
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- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
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- Electricity Generating Authority of Thailand
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