Friday, 17 Feb 2012
Oracle Coalfields Plc, the operators of Block VI of the Thar coal project have announced their plans to invest up to USD 610 million for a coal mine of 5 million tonnes per annum capacity.
Mr Shahrukh Khan CEO Oracle Coalfields said that “The institutional investors abroad have no reservations in investing in Pakistan and they are willing to expose in the resource sector particularly in a project that is expected to yield a return of 20.5%. Besides, the international lenders are also interested in the project.”
Mr Khan informed about the details of the feasibility of coal mining and power generation project at Block VI and continuing significant progress in the development of its 1.4 billion tonnes flagship coal resource project in Thar, Sindh.
He said that the results of the comprehensive technical feasibility study undertaken last year confirmed the technical and economic viability of the project. This represents a significant step towards providing the nation, Sindh and local communities in Thar with a new sustainable source of energy for decades to come by bringing into production its first large scale open pit coal mine.
Oracle has also signed MoU with Karachi Electricity Supply Company to develop initially 300 MW mine mouth power plant with the plan to develop up to 11 MW at the Block VI site. Initial coal production is expected in 2014 with mine development to be started by the end of the current year.
The feasibility study results concentrated on an initial mining area with Block VI of approximately 20 square kilometers and reported in accordance with the international recognized 2004 Australian JORC Code, a mineral resource of 529 million of wet tonnes.
Mr Khan said that within this overall mining area, a Phase 1 zone was determined with coal reserves of 113 MWT. With further potential increase in reserves in Phase 2 of the mining area, the life of mine could be extended by a further 30 years or more.
Mr Younas Dhaga Sindh Coal and Energy Secretary said that infrastructure development is underway on a fast pace and the provincial government had approved various schemes and allocated funds.
Mr Dhaga also informed about the Engro’s project and said that they have completed their bankable feasibility and are waiting some infrastructure updating. The Sindh government has decided to award Block IV of the Thar coal project to Chinese state owned Three Gorges.
(sourced www.thenews.com.pk)
Showing posts with label coal mining projects. Show all posts
Showing posts with label coal mining projects. Show all posts
Friday, February 17, 2012
Friday, December 16, 2011
Orissa to list coal mining plans on website
Friday, 16 Dec 2011
Orissa has asked all its mining lessees to post the details of their latest mining plans on the government website. The move comes after the government faced criticism from various quarters for allegedly not making all mining information public.
A steel and mines department official told IANS that "Steel and mines department secretary Manoj Ahuja issued a written instruction to the director of the state mines department Tuesday to ensure that the exercise gets completed by the end of this month.”
Orissa has been in the limelight since 2009 after a probe found several irregularities in its mining sector, leading the opposition parties to accuse the government of encouraging the scam that allegedly runs into INR 300,000 crore.
(Sourced from IANS)
Orissa has asked all its mining lessees to post the details of their latest mining plans on the government website. The move comes after the government faced criticism from various quarters for allegedly not making all mining information public.
A steel and mines department official told IANS that "Steel and mines department secretary Manoj Ahuja issued a written instruction to the director of the state mines department Tuesday to ensure that the exercise gets completed by the end of this month.”
Orissa has been in the limelight since 2009 after a probe found several irregularities in its mining sector, leading the opposition parties to accuse the government of encouraging the scam that allegedly runs into INR 300,000 crore.
(Sourced from IANS)
Tuesday, November 22, 2011
United Tractors to acquire two more mining sites in Kalimantan
Tuesday, 22 Nov 2011
The Jakarta Post reported that publicly listed heavy equipment distributor PT United Tractors, which also has coal mining interests, said is working to acquire two more mining sites in Kalimantan.
Mr Gidion Hasan director of finance and administration at United Tractors said that "One site is a Greenfield in Central Kalimantan and another site is a Brownfield in East Kalimantan."
He declined to reveal the two sites' sizes, saying the company had a confidentiality agreement. He said that "All I can say is that when the company carries out an acquisition, the site must have at least 30 million tonnes of coal reserves. However, it doesn't mean that each of those two sites to be acquired have 30 million tonnes of coal reserves."
Mr Gidion said that the company expected to finish the acquisition process early in 2012. He said that the company would likely maintain next year's capital expenditure at this year's figure of IDR 5 trillion, despite the acquisition plan.
He added that "We can't include spending on the acquisition plan in the capital expenditure because the plan may be accomplished or it may be unsuccessful."
He said that the company would finance the capital expenditure from internal cash, bank loans and the remaining funds from a rights issuance in June.
United Tractors still has IDR 1.77 trillion out of IDR 6.07 trillion gained in the rights issuance, which was the company's fourth. After paying IDR 45.83 billion for fees and expenses for the rights, United Tractors already used IDR 4.25 trillion by September 2011.
United Tractors, through its subsidiary PT Pamapersada Nusantara and PT Tuah Turangga Agung, currently has six concessions areas with a total of up to 369 million tonnes viable coal reserves in Kalimantan and Sumatra.
Mr Gidion said that United Tractors aimed to increase total reserves to up to 500 million tonnes as asked by its parent company, PT Astra International. The company reported coal sales at IDR 3.21 million tons as of September 2011.
Mining contracting division PT Pamapersada Nusantara reported coal production of 63.3 million tonnes by September 2011 and aimed to reach 84 million tonnes by the end of 2011.
United Tractors reported revenue of IDR 39.75 billion in the first nine months of 2011, increasing from IDR 27.81 billion in the same period last year. The company's net profit stood at IDR 4.35 billion by September 2011, rising 49% from IDR 2.96 billion year on year.
Its construction machinery division contributed about 50% of the total revenue, while the mining contracting division added 40% and coal mining 10%.
(Sourced TheJakartaPost)
The Jakarta Post reported that publicly listed heavy equipment distributor PT United Tractors, which also has coal mining interests, said is working to acquire two more mining sites in Kalimantan.
Mr Gidion Hasan director of finance and administration at United Tractors said that "One site is a Greenfield in Central Kalimantan and another site is a Brownfield in East Kalimantan."
He declined to reveal the two sites' sizes, saying the company had a confidentiality agreement. He said that "All I can say is that when the company carries out an acquisition, the site must have at least 30 million tonnes of coal reserves. However, it doesn't mean that each of those two sites to be acquired have 30 million tonnes of coal reserves."
Mr Gidion said that the company expected to finish the acquisition process early in 2012. He said that the company would likely maintain next year's capital expenditure at this year's figure of IDR 5 trillion, despite the acquisition plan.
He added that "We can't include spending on the acquisition plan in the capital expenditure because the plan may be accomplished or it may be unsuccessful."
He said that the company would finance the capital expenditure from internal cash, bank loans and the remaining funds from a rights issuance in June.
United Tractors still has IDR 1.77 trillion out of IDR 6.07 trillion gained in the rights issuance, which was the company's fourth. After paying IDR 45.83 billion for fees and expenses for the rights, United Tractors already used IDR 4.25 trillion by September 2011.
United Tractors, through its subsidiary PT Pamapersada Nusantara and PT Tuah Turangga Agung, currently has six concessions areas with a total of up to 369 million tonnes viable coal reserves in Kalimantan and Sumatra.
Mr Gidion said that United Tractors aimed to increase total reserves to up to 500 million tonnes as asked by its parent company, PT Astra International. The company reported coal sales at IDR 3.21 million tons as of September 2011.
Mining contracting division PT Pamapersada Nusantara reported coal production of 63.3 million tonnes by September 2011 and aimed to reach 84 million tonnes by the end of 2011.
United Tractors reported revenue of IDR 39.75 billion in the first nine months of 2011, increasing from IDR 27.81 billion in the same period last year. The company's net profit stood at IDR 4.35 billion by September 2011, rising 49% from IDR 2.96 billion year on year.
Its construction machinery division contributed about 50% of the total revenue, while the mining contracting division added 40% and coal mining 10%.
(Sourced TheJakartaPost)
Friday, November 4, 2011
Indonesian coal miner Golden Energy to raise $245 mln in Nov IPO
Fri Nov 4, 2011
JAKARTA Nov 4 (Reuters) - Golden Energy Mines, an Indonesian coal miner, is set to raise 2.2 trillion rupiah ($245 million) in an initial public offering this month, the firm's underwriter said on Friday.
The miner priced the offering at 2,500 rupiah per share, after a 2,300 rupiah to 3,500 rupiah price range, Kokaryadi Chandra, president director of Sinarmas Sekuritas, told Reuters after the book building process was completed.
The company, controlled by the Widjaja family via its listed unit Dian Swastatika Sentosa , is selling a 15 percent stake in the IPO.
The IPO has been delayed several times this year due to uncertainty over the firm's valuation and a strategic partner to develop its coal mines.
It finally secured a strategic partnership with India's GMR Infrastructure in August, after talks with the world largest coal miner Coal India collapsed.
India's GMR Infrastructure will buy around another 15 percent of the firm via a private placement.
Golden Energy owns 10 coal mining areas across Indonesia, the world's largest exporting nation of the thermal coal used in power stations, and plans to increase production capacity to 6-8 million tonnes this year, from 3 million tonnes last year.
It targets producing 10 million tonnes in 2012 and output of 20-30 million tonnes in 2018 from its current reserves of 850 million tonnes, the Widjaja family has said, which would make it one of the country's top ten producers. ($1 = 8,975 rupiah)
(sourced Reuters)
JAKARTA Nov 4 (Reuters) - Golden Energy Mines, an Indonesian coal miner, is set to raise 2.2 trillion rupiah ($245 million) in an initial public offering this month, the firm's underwriter said on Friday.
The miner priced the offering at 2,500 rupiah per share, after a 2,300 rupiah to 3,500 rupiah price range, Kokaryadi Chandra, president director of Sinarmas Sekuritas, told Reuters after the book building process was completed.
The company, controlled by the Widjaja family via its listed unit Dian Swastatika Sentosa , is selling a 15 percent stake in the IPO.
The IPO has been delayed several times this year due to uncertainty over the firm's valuation and a strategic partner to develop its coal mines.
It finally secured a strategic partnership with India's GMR Infrastructure in August, after talks with the world largest coal miner Coal India collapsed.
India's GMR Infrastructure will buy around another 15 percent of the firm via a private placement.
Golden Energy owns 10 coal mining areas across Indonesia, the world's largest exporting nation of the thermal coal used in power stations, and plans to increase production capacity to 6-8 million tonnes this year, from 3 million tonnes last year.
It targets producing 10 million tonnes in 2012 and output of 20-30 million tonnes in 2018 from its current reserves of 850 million tonnes, the Widjaja family has said, which would make it one of the country's top ten producers. ($1 = 8,975 rupiah)
(sourced Reuters)
Sunday, October 30, 2011
CM to move Centre over coal mining proposal
Oct 30, 2011, |TNN
NAGPUR: Chief minister Prithviraj Chavan has decided to organize a meeting with union ministry of coal (MoC) to sort out the metro region coal mining issue. About 60,000 hectare land in Nagpur metro region has been declared as coal bearing area. As per norms, a no objection certificate (NOC) from MoC is needed for development in such areas. A controversy has erupted ever since Western Coalfields Limited (WCL) furnished this information to Nagpur Improvement Trust (NIT).
Officials of WCL and NIT met Chavan on Saturday afternoon on this issue. NIT chairman Pravin Darade told Chavan that the agency was having major problems in planning of metro region due to the coal bearing area restriction. The CM told WCL officials that the state government was not in favour of new open cast mines in the metro region. A communication in this regard would be sent to MoC soon.
WCL and NIT also mutually agreed that no mining activity will take place within five km radius of the city. Only Godhni and Bokhara areas are within this limit.
Later addressing a press conference, the CM said that there was no problem with underground mines as the area of land to be acquired was far less. "We will have economic development of metro region along with coal mining."
However, NIT and NMC officials had told the CM that underground mining too would create hindrances in development as there are a lot of restrictions in areas located above underground mines.
The CM has not taken much interest in solving the Mor Bhavan bus stand issue. He had promised to solve the issue in seven days during the winter session of the state assembly. When asked about his promise, Chavan just said that talks were on, but did not elaborate.
He said that the government had sanctioned a Rs 110 crore package for providing interest-free loans to cotton ginning mills. However, when asked about the proposed textile parks in Vidarbha he said that the state government was formulating a textile policy. He also put the ball in Centre's court when asked about provision of minimum support price to cotton growers.
On Jairam Ramesh' suggestion to implement EGS through rural development department, he said that the government had a coordination committee and the proposal would have to be decided by it. "We have not promised anything to Ramesh."
(sourced TOI)
Monday, August 1, 2011
NLC seeks coal blocks that NTPC lost - Report
Monday, 01 Aug 2011 |By ET
ET reported that Neyveli Lignite Corporation has asked the government to allocate three coal blocks that were recently taken back from NTPC, potentially triggering a clash between the two ministries coal and power that control the state run firms.
The three blocks in Jharkhand Chatti-Bariatu, Chatti-Bariatu (South) and Kerandari hold 836 million tonnes reserves that can feed all the proposed coal based power projects of Neyveli Lignite.
If approved, allocation of the three blocks would facilitate Neyveli Lignite's foray into coal mining and coal based power generation but the power ministry has already asked the coal ministry to review de allocation of NTPC blocks and said if required would take up the issue with higher authorities.
Neyveli Lignite plans to set up two 2,000 MW power projects at Kanpur in Uttar Pradesh and Nagapattinam in Tamil Nadu. It also proposes to set up a 1,000 MW project at Tuticorin in Tamil Nadu.
ET reported that Neyveli Lignite Corporation has asked the government to allocate three coal blocks that were recently taken back from NTPC, potentially triggering a clash between the two ministries coal and power that control the state run firms.
The three blocks in Jharkhand Chatti-Bariatu, Chatti-Bariatu (South) and Kerandari hold 836 million tonnes reserves that can feed all the proposed coal based power projects of Neyveli Lignite.
If approved, allocation of the three blocks would facilitate Neyveli Lignite's foray into coal mining and coal based power generation but the power ministry has already asked the coal ministry to review de allocation of NTPC blocks and said if required would take up the issue with higher authorities.
Neyveli Lignite plans to set up two 2,000 MW power projects at Kanpur in Uttar Pradesh and Nagapattinam in Tamil Nadu. It also proposes to set up a 1,000 MW project at Tuticorin in Tamil Nadu.
Monday, March 14, 2011
Power ministry rejects conditional nod for Orissa UMPP coal fields
Monday, 14 Mar 2011 |By ET
The Indian power ministry has rejected the environment ministry's precondition of shelving two coal mining projects as a tradeoff for granting clearance to a third coal block of the 17,000 crore ultra mega power project at Bedabahal in Orissa. This development would make another deferment of bidding for the 4000 MW project inevitable.
Indian environment minister Mr Jairam Ramesh has granted mining approval to the coal block on the condition that NTPC and Orissa Power Generation Corporation give up their respective coal blocks, Dulanga and Manoharpur, in the vicinity.
While NTPC will mine the Dulanga block for its various power projects, Orissa Power Generation Corporation will use coal from the Manoharpur blocks to fire its 1,320 MW project at Jharsuguda.
Indian environment minister Mr Jairam Ramesh has granted mining approval to the coal block on the condition that NTPC and Orissa Power Generation Corporation give up their respective coal blocks, Dulanga and Manoharpur, in the vicinity.
While NTPC will mine the Dulanga block for its various power projects, Orissa Power Generation Corporation will use coal from the Manoharpur blocks to fire its 1,320 MW project at Jharsuguda.
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