Wed Oct5, 2011
MOSCOW(Reuters) - The board of Russian steelmaker NLMK has approved a 50-billion rouble ($1,53 billion) 10-year bond issue, the steelmaker said in a statement on Tuesday.
The lead managers are Gazprombank, ZENIT Bank and Rosbank, it said.
"This new instrument will help NLMK to attract long-term capital if required to finance projects such as its technical upgrade program, as well as for other corporate purposes." ($1 = 32.604 Russian Roubles)
Wednesday, October 5, 2011
Iron Ore-Forward swaps jump in thin volumes
Wed Oct 5, 2011
* Spot prices steady as China stays shut for holiday
* Singapore SMX futures rise, volume tops 1 mln T in Sept
By Manolo Serapio Jr
SINGAPORE, Oct 5 (Reuters) - Prices of iron ore forward swaps rose in light volumes as the market looked to another listless session on Wednesday with top iron ore importer China still away for a week-long public holiday.
Swaps cleared by the Singapore Exchange <0#SGXIOS:> climbed on Tuesday with the November contract gaining more than $7 to $155 a tonne, although traders said the thin volumes had exaggerated the price rises.
"There are those trying to see how far they can push the market up when they know that 90 percent of the people are off," said a Singapore-based iron ore derivatives trader.
Most iron ore traders are away this week with China on holiday. China is the biggest buyer of iron ore, the key ingredient to make steel, in the spot market, with most other importers securing cargoes via long-term contracts.
"There's quite a bit of short covering because there's slow business in the market. When that kind of thing happens and markets are thin you get accentuated price moves. I wouldn't read too much into it, though," said another trader in Singapore.
China's closure kept spot iron ore prices steady, with Steel Index's 62-percent grade benchmark .IO62-CNI=SI at $171.30 a tonne and Metal Bulletin's similar gauge .IO62-CNO=MB at $169.01.
In the futures market, Singapore Mercantile Exchange's contracts <0#SMIO:> gained sharply. The most active October contract rose 4 percent to $165.90 a tonne by 0601 GMT, and the November contract jumped more than 7 percent to $163.90.
Total volume traded stood at 230 lots or 23,000 tonnes so far.
SMX, owned by India's Financial Technologies , introduced its cash-settled iron ore futures contract on Aug. 12.
SMX said on Tuesday the volume of iron ore futures contracts traded on the exchange reached 1.1 million tonnes in September, citing active interest from players in physical and financial markets, including traders based in China.
But other traders said the liquidity on the contracts remained small.
"We're certainly looking at it, but we look at the open interest on the November contract and there's 25 lots at the moment, which is tiny, and that's one of the reasons we're not getting involved," said the second Singapore-based trader.
"It seems to me like it's a bit of a retail market."
(sourced Reuters)
* Spot prices steady as China stays shut for holiday
* Singapore SMX futures rise, volume tops 1 mln T in Sept
By Manolo Serapio Jr
SINGAPORE, Oct 5 (Reuters) - Prices of iron ore forward swaps rose in light volumes as the market looked to another listless session on Wednesday with top iron ore importer China still away for a week-long public holiday.
Swaps cleared by the Singapore Exchange <0#SGXIOS:> climbed on Tuesday with the November contract gaining more than $7 to $155 a tonne, although traders said the thin volumes had exaggerated the price rises.
"There are those trying to see how far they can push the market up when they know that 90 percent of the people are off," said a Singapore-based iron ore derivatives trader.
Most iron ore traders are away this week with China on holiday. China is the biggest buyer of iron ore, the key ingredient to make steel, in the spot market, with most other importers securing cargoes via long-term contracts.
"There's quite a bit of short covering because there's slow business in the market. When that kind of thing happens and markets are thin you get accentuated price moves. I wouldn't read too much into it, though," said another trader in Singapore.
China's closure kept spot iron ore prices steady, with Steel Index's 62-percent grade benchmark .IO62-CNI=SI at $171.30 a tonne and Metal Bulletin's similar gauge .IO62-CNO=MB at $169.01.
In the futures market, Singapore Mercantile Exchange's contracts <0#SMIO:> gained sharply. The most active October contract rose 4 percent to $165.90 a tonne by 0601 GMT, and the November contract jumped more than 7 percent to $163.90.
Total volume traded stood at 230 lots or 23,000 tonnes so far.
SMX, owned by India's Financial Technologies , introduced its cash-settled iron ore futures contract on Aug. 12.
SMX said on Tuesday the volume of iron ore futures contracts traded on the exchange reached 1.1 million tonnes in September, citing active interest from players in physical and financial markets, including traders based in China.
But other traders said the liquidity on the contracts remained small.
"We're certainly looking at it, but we look at the open interest on the November contract and there's 25 lots at the moment, which is tiny, and that's one of the reasons we're not getting involved," said the second Singapore-based trader.
"It seems to me like it's a bit of a retail market."
(sourced Reuters)
S.Africa coal exports fall m/m in Sept to 4.96 mln Ton
Wed Oct 5, 2011
JOHANNESBURG Oct 5 (Reuters) - South Africa's Richards Bay Coal Terminal (RBCT) exported 4.96 million tonnes of coal in September compared with 6.987 million tonnes the previous month, RBCT data showed on Wednesday.
South Africa -- a major exporter of coal to power stations in Europe and Asia -- had 4.997 million tonnes of stock at the terminal at the end of September, RBCT said.
Coal producers in South Africa include Anglo American , BHP Billiton , Exxaro , Optimum Coal and Xstrata .
(sourced Reuters)
JOHANNESBURG Oct 5 (Reuters) - South Africa's Richards Bay Coal Terminal (RBCT) exported 4.96 million tonnes of coal in September compared with 6.987 million tonnes the previous month, RBCT data showed on Wednesday.
South Africa -- a major exporter of coal to power stations in Europe and Asia -- had 4.997 million tonnes of stock at the terminal at the end of September, RBCT said.
Coal producers in South Africa include Anglo American , BHP Billiton , Exxaro , Optimum Coal and Xstrata .
(sourced Reuters)
China threatens trade war with US over yuan
Wednesday, 05 Oct 2011
A war of words has erupted between China and the United States, after a US senate vote to move ahead with a bill that would punish China for keeping the value of its currency low and the spat could trigger wars of another kind which could have a more tangible impact on the fragile global economy.
Mr Ma Zhaoxu spokesman of Chinese Foreign Ministry warned on China's official government website that “The yuan bill passed by the US Senate will not solve its problems, such as insufficient savings, high trade deficit and high unemployment rate, but it may seriously affect the whole progress of China's reform of its yuan exchange rate regime and may also lead to a trade war which we would not like to see.”
Mr Ma added “By using the excuse of a so called currency imbalance, this will escalate the exchange rate issue, adopting a protectionist measure that gravely violates World Trade Organisation rules and seriously upsets Sino US trade and economic relations. China expresses its adamant opposition to this.”
Echoing the Foreign Ministry's trade war warning, the People's Bank of China pointed out that factoring in inflation, the yuan has appreciated greatly and is close to a balanced level in line with China's trade situation and restructuring needs.
The US Senate vote opened a week of debate on the Currency Exchange Rate Oversight Reform Act of 2011, which would allow the US government to slap countervailing duties on products from countries found to be subsidizing their exports by undervaluing their currencies. US lawmakers, eyeing the 2012 elections, said keeping China's currency undervalued had cost American jobs and that a fairer exchange rate would help cut an annual trade gap Washington puts at more than USD 250 billion.
The latest tensions between China and the US are un welcome at a time when the global economy is in a precarious position. There are also concerns of a currency war should China the largest foreign holder of US government debt retaliate by dumping US Treasuries.
(sourced from Todayonline)
A war of words has erupted between China and the United States, after a US senate vote to move ahead with a bill that would punish China for keeping the value of its currency low and the spat could trigger wars of another kind which could have a more tangible impact on the fragile global economy.
Mr Ma Zhaoxu spokesman of Chinese Foreign Ministry warned on China's official government website that “The yuan bill passed by the US Senate will not solve its problems, such as insufficient savings, high trade deficit and high unemployment rate, but it may seriously affect the whole progress of China's reform of its yuan exchange rate regime and may also lead to a trade war which we would not like to see.”
Mr Ma added “By using the excuse of a so called currency imbalance, this will escalate the exchange rate issue, adopting a protectionist measure that gravely violates World Trade Organisation rules and seriously upsets Sino US trade and economic relations. China expresses its adamant opposition to this.”
Echoing the Foreign Ministry's trade war warning, the People's Bank of China pointed out that factoring in inflation, the yuan has appreciated greatly and is close to a balanced level in line with China's trade situation and restructuring needs.
The US Senate vote opened a week of debate on the Currency Exchange Rate Oversight Reform Act of 2011, which would allow the US government to slap countervailing duties on products from countries found to be subsidizing their exports by undervaluing their currencies. US lawmakers, eyeing the 2012 elections, said keeping China's currency undervalued had cost American jobs and that a fairer exchange rate would help cut an annual trade gap Washington puts at more than USD 250 billion.
The latest tensions between China and the US are un welcome at a time when the global economy is in a precarious position. There are also concerns of a currency war should China the largest foreign holder of US government debt retaliate by dumping US Treasuries.
(sourced from Todayonline)
Indian Steel minister calls for immediate hike in export tax
Wednesday, 05 Oct 2011
Press Trust Of India reported that concerned over severe shortage of iron ore after the ban on mining in Karnataka, Indian union steel minister Mr Beni Prasad Verma said that the finance ministry should immediately increase export duty on the raw material to 30%.
He said “If exports of iron ore stop, the problem of iron ore shortage in Karnataka and other states would get solved, by and large.”
He added that “We want to get this implemented immediately. I had written to them just at the beginning of the Karnataka crisis.”
Mr Verma had written a letter to finance minister Mr Pranab Mukherjee two weeks ago to increase the duty by 10% to 30%, to discourage exports.
(Sourced from PTI)
Press Trust Of India reported that concerned over severe shortage of iron ore after the ban on mining in Karnataka, Indian union steel minister Mr Beni Prasad Verma said that the finance ministry should immediately increase export duty on the raw material to 30%.
He said “If exports of iron ore stop, the problem of iron ore shortage in Karnataka and other states would get solved, by and large.”
He added that “We want to get this implemented immediately. I had written to them just at the beginning of the Karnataka crisis.”
Mr Verma had written a letter to finance minister Mr Pranab Mukherjee two weeks ago to increase the duty by 10% to 30%, to discourage exports.
(Sourced from PTI)
Alderon announces name change to Alderon Iron Ore Corp
Wednesday, 05 Oct 2011
Alderon Resource Corp announce that its name has changed to Alderon Iron Ore Corp. Alderon has renamed itself to properly reflect its focus on the development of Kamistiatusset Iron Ore Project.
Alderon trading symbols ADV on the TSX Venture Exchange and ALDFF on the OTCQX will remain unchanged. It is anticipated that the Company's common shares will commence trading on the TSX Venture Exchange under the new name on or about October 5 2011.
Alderon Resource Corp announce that its name has changed to Alderon Iron Ore Corp. Alderon has renamed itself to properly reflect its focus on the development of Kamistiatusset Iron Ore Project.
Alderon trading symbols ADV on the TSX Venture Exchange and ALDFF on the OTCQX will remain unchanged. It is anticipated that the Company's common shares will commence trading on the TSX Venture Exchange under the new name on or about October 5 2011.
United States leads world in coal reserves
Wednesday, 05 Oct 2011
United States leads the world with over 260 billion short tons of recoverable coal reserve 28% of total global reserves and 50% more than Russia which possesses the world second largest reserves.
As per report, despite significant US coal production since the industrial revolution recoverable domestic coal reserves at current mining levels would last 222 years.
Coal reserves are reported by coal types: bituminous and anthracite (46%), subbituminous (41%), and lignite (12%).
Appalachia is the largest producer of bituminous and anthracite coal while large quantities of subbituminous coal are produced in the Powder River Basin. Texas leads lignite production.
(sourced from todayinenergy)
United States leads the world with over 260 billion short tons of recoverable coal reserve 28% of total global reserves and 50% more than Russia which possesses the world second largest reserves.
As per report, despite significant US coal production since the industrial revolution recoverable domestic coal reserves at current mining levels would last 222 years.
Coal reserves are reported by coal types: bituminous and anthracite (46%), subbituminous (41%), and lignite (12%).
Appalachia is the largest producer of bituminous and anthracite coal while large quantities of subbituminous coal are produced in the Powder River Basin. Texas leads lignite production.
(sourced from todayinenergy)
New coal terminal at Gladstone to start exporting coal by 2014
Wednesday, 05 Oct 2011
It is reported that a consortium planning a new coal terminal in Gladstone says the facility should start exporting coal by 2014.
Eight coal companies are behind a group to develop the Wiggins Island coal terminal.
Mr Mark West Project director said confirmation of finance will allow construction to start almost immediately. He said that "The first stage that has just been committed is for 27 million tonnes of coal and ultimately the terminal could expand to more than 80 million tonnes."
He added that "There's global demand for good quality competitively priced thermal and metallurgical coal through facilities such as Wiggins, it will be providing coal companies with export terminal capacity to meet the demand.”
He also said "There are eight stage one owners here and they all have either brown field or green field developments to support the project and they also invest in upgrade of the rail facilities to bring that volume of coal to Gladstone. There's very large demand. This recognises the global interests for good quality metallurgical coals from Queensland."
(sourced from ABC.net)
It is reported that a consortium planning a new coal terminal in Gladstone says the facility should start exporting coal by 2014.
Eight coal companies are behind a group to develop the Wiggins Island coal terminal.
Mr Mark West Project director said confirmation of finance will allow construction to start almost immediately. He said that "The first stage that has just been committed is for 27 million tonnes of coal and ultimately the terminal could expand to more than 80 million tonnes."
He added that "There's global demand for good quality competitively priced thermal and metallurgical coal through facilities such as Wiggins, it will be providing coal companies with export terminal capacity to meet the demand.”
He also said "There are eight stage one owners here and they all have either brown field or green field developments to support the project and they also invest in upgrade of the rail facilities to bring that volume of coal to Gladstone. There's very large demand. This recognises the global interests for good quality metallurgical coals from Queensland."
(sourced from ABC.net)
Cerro Resources releases initial inferred haematite iron ore resource in Mount Isa
Wednesday, 05 Oct 2011
Cerro Resources has released an initial inferred mineral resource for its Mount Philp Haematite Iron Prospect in the Mount Isa region of Queensland.
Cerro completed a detailed program of geologic mapping, surface rock-chip sampling and partial drill testing of Mount Philp to enable it to develop initial resource estimation.
Based on the program, Cerro has identified a resource of 25 million tonnes grading 36% iron and 45% silica. The deposit occurs as a single north-northeast trending iron-rich stratigraphic unit extending over 4 kilometres.
Drill density was sufficient to define the continuity and shape of the ironstone body, but insufficient to map short scale grade variations within the ironstone, hence the resource is classified as inferred.
Preliminary metallurgical testwork conducted in 2010 on samples from within the inferred resource model indicated the ability to produce a high grade, 68% iron product using the flotation method to remove silica.
This would allow Cerro to process all material within the resource, regardless of silica content and produce an iron ore grade product. In addition to its Mount Isa iron ore activities, Cerro has interests in two projects in Mexico, the Cerro dal Gallo gold-silver project, currently in development and the Namiquipa silver exploration project.
(Sourced from www.proactiveinvestors.com.au)
Cerro Resources has released an initial inferred mineral resource for its Mount Philp Haematite Iron Prospect in the Mount Isa region of Queensland.
Cerro completed a detailed program of geologic mapping, surface rock-chip sampling and partial drill testing of Mount Philp to enable it to develop initial resource estimation.
Based on the program, Cerro has identified a resource of 25 million tonnes grading 36% iron and 45% silica. The deposit occurs as a single north-northeast trending iron-rich stratigraphic unit extending over 4 kilometres.
Drill density was sufficient to define the continuity and shape of the ironstone body, but insufficient to map short scale grade variations within the ironstone, hence the resource is classified as inferred.
Preliminary metallurgical testwork conducted in 2010 on samples from within the inferred resource model indicated the ability to produce a high grade, 68% iron product using the flotation method to remove silica.
This would allow Cerro to process all material within the resource, regardless of silica content and produce an iron ore grade product. In addition to its Mount Isa iron ore activities, Cerro has interests in two projects in Mexico, the Cerro dal Gallo gold-silver project, currently in development and the Namiquipa silver exploration project.
(Sourced from www.proactiveinvestors.com.au)
Vale works toward granting 35pct of iron ore project to Guinea
Wednesday, 05 Oct 2011
Vale SA is working on an accord with the Guinean government in which the Brazilian miner would concede 35% of its Simandou iron-ore project to the government, in line with the West African country's new mining laws.
The Vale manager said the company expected deal with Guinea would be in the same mold as an agreement struck in April between Rio Tinto and the government over the Anglo-Australian company Simandou project.
Guinea last month announced adoption of a mining code that allows the government to increase its participation in projects run by commodities companies operating in the country to 35% from 15%. The new law is an effort to boost revenue from the country rich iron ore and bauxite resources. Iron ore is a crucial ingredient in steel.
Vale late last year said that developing the high-quality Simandou project in which it is a majority partner in a joint venture with a Guinean company will allow the Brazilian company to consolidate its leadership of the global seaborne market for high-grade iron ore.
Vale said it is spending USD 861 million this year on developing its Simandou project. The project is expected to start producing two million tonnes a year in the second half of next year rising to 15 million tons a year in 2015 and full capacity of 50 million tons a year in 2020.
Vale also is investing in rail infrastructure in Guinea to transport the ore.
(sourced from wsj)
Vale SA is working on an accord with the Guinean government in which the Brazilian miner would concede 35% of its Simandou iron-ore project to the government, in line with the West African country's new mining laws.
The Vale manager said the company expected deal with Guinea would be in the same mold as an agreement struck in April between Rio Tinto and the government over the Anglo-Australian company Simandou project.
Guinea last month announced adoption of a mining code that allows the government to increase its participation in projects run by commodities companies operating in the country to 35% from 15%. The new law is an effort to boost revenue from the country rich iron ore and bauxite resources. Iron ore is a crucial ingredient in steel.
Vale late last year said that developing the high-quality Simandou project in which it is a majority partner in a joint venture with a Guinean company will allow the Brazilian company to consolidate its leadership of the global seaborne market for high-grade iron ore.
Vale said it is spending USD 861 million this year on developing its Simandou project. The project is expected to start producing two million tonnes a year in the second half of next year rising to 15 million tons a year in 2015 and full capacity of 50 million tons a year in 2020.
Vale also is investing in rail infrastructure in Guinea to transport the ore.
(sourced from wsj)
Explosion in Chinese coal mine kills 13 workers and 5 missing
Wednesday, 05 Oct 2011
Xinhua News Agency reported that an explosion in a coal mine has killed at least 13 workers and 5 other workers are missing after the blast Tuesday in a mine in the southwestern province of Guizhou.
It said that 13 miners managed to escape, but three of those died in a hospital.
It did not give a cause for the blast.
Mr Min Luming secretary of the Communist Party of China of Libo County said the accident occurred at around 7 AM at Anping Coal Mine which is located in the Lihua Township in Libo County.
Rescue efforts are under way.
(Sourced from Xinhua)
Xinhua News Agency reported that an explosion in a coal mine has killed at least 13 workers and 5 other workers are missing after the blast Tuesday in a mine in the southwestern province of Guizhou.
It said that 13 miners managed to escape, but three of those died in a hospital.
It did not give a cause for the blast.
Mr Min Luming secretary of the Communist Party of China of Libo County said the accident occurred at around 7 AM at Anping Coal Mine which is located in the Lihua Township in Libo County.
Rescue efforts are under way.
(Sourced from Xinhua)
Singapore SMX iron ore futures volume tops 1 million tonnes in Sept
Wednesday, 05 Oct 2011
Reuters the exchange said reflecting strong interest in the cash-settled hedging tool that the volume of iron ore futures contracts traded on the Singapore Mercantile Exchange reached 1.1 million tonnes in September.
SMX owned by India Financial Technologies, introduced its cash settled iron ore futures contract on August 12. The contract is the world first dollar-priced iron ore futures open to global investors seeking to hedge prices of the steelmaking ingredient.
Last month trading volume represents a fourth of the volume of iron ore forward swaps cleared by rival Singapore Exchange in August which at a record 4.3 million tonnes comprised around two thirds of the global total.
SGX which launched its iron ore swaps in April 2009 said separately on Tuesday that volumes dropped to 7,957 lots in September equivalent to 3.98 million tonnes from 8,564 lots in August.
The world biggest buyer of iron ore, SMX said in a statement that there has been active interest in the SMX contract from players in physical and financial markets including traders based in China
Mr Vaidyalingam Hariharan SMX interim chief executive said in the statement that "Based on the response that the iron ore futures contract is receiving we are confident of creating a robust benchmark for the iron ore industry."
The shift to quarterly pricing for iron ore contracts from annual pricing since April last year spurred interest in hedging instruments as mills and traders managed their costs against spot prices IODBZ00-PLT which have tripled since late 2008.
(Sourced from Reuters)
Reuters the exchange said reflecting strong interest in the cash-settled hedging tool that the volume of iron ore futures contracts traded on the Singapore Mercantile Exchange reached 1.1 million tonnes in September.
SMX owned by India Financial Technologies, introduced its cash settled iron ore futures contract on August 12. The contract is the world first dollar-priced iron ore futures open to global investors seeking to hedge prices of the steelmaking ingredient.
Last month trading volume represents a fourth of the volume of iron ore forward swaps cleared by rival Singapore Exchange in August which at a record 4.3 million tonnes comprised around two thirds of the global total.
SGX which launched its iron ore swaps in April 2009 said separately on Tuesday that volumes dropped to 7,957 lots in September equivalent to 3.98 million tonnes from 8,564 lots in August.
The world biggest buyer of iron ore, SMX said in a statement that there has been active interest in the SMX contract from players in physical and financial markets including traders based in China
Mr Vaidyalingam Hariharan SMX interim chief executive said in the statement that "Based on the response that the iron ore futures contract is receiving we are confident of creating a robust benchmark for the iron ore industry."
The shift to quarterly pricing for iron ore contracts from annual pricing since April last year spurred interest in hedging instruments as mills and traders managed their costs against spot prices IODBZ00-PLT which have tripled since late 2008.
(Sourced from Reuters)
Tuesday, October 4, 2011
ASSOCHAM against long-term iron ore export contracts by NMDC
Tuesday, 04 Oct 2011
ASSOCHAM has opposed the move of signing long-term export contract of iron ore with Japan and Korea by the National Mineral Development Corporation particularly in the context of current crisis.
In a representation to the central government, the chamber has stated that we should not be allocating the national resources for meeting the requirements of steel makers abroad without fulfilling the domestic requirements.
Mr D.S. Rawat secretary general of ASSOCHAM said that 40 million tonnes of iron ore production has already been reduced from the total iron ore production of the country subsequent to the orders of Supreme Court to ban the mining activity in Bellary, Chitradurga and Tumkur district in the State of Karnataka.
He further said “This has created acute shortage of iron ore and led to stoppage of almost all the sponge iron plant in Karnataka and neighboring state and most of the iron and steel plants are operating only at 30% to 50% capacity utilization and are on the verge of complete closure.”
ASSOCHAM has opposed the move of signing long-term export contract of iron ore with Japan and Korea by the National Mineral Development Corporation particularly in the context of current crisis.
In a representation to the central government, the chamber has stated that we should not be allocating the national resources for meeting the requirements of steel makers abroad without fulfilling the domestic requirements.
Mr D.S. Rawat secretary general of ASSOCHAM said that 40 million tonnes of iron ore production has already been reduced from the total iron ore production of the country subsequent to the orders of Supreme Court to ban the mining activity in Bellary, Chitradurga and Tumkur district in the State of Karnataka.
He further said “This has created acute shortage of iron ore and led to stoppage of almost all the sponge iron plant in Karnataka and neighboring state and most of the iron and steel plants are operating only at 30% to 50% capacity utilization and are on the verge of complete closure.”
Japan iron ore imports at 12 million tonnes in Aug 2011
Tuesday, 04 Oct 2011
According to iron ore imports statistics for August announced by the Japanese Ministry of Finance on September 21, iron ore imports into Japan in August turned out to be 12.248 million tonnes hitting a high level for the first time since October 2008 which had iron ore imports of 13.328 million tonnes.
Iron ore import unit price in August was 13,868 yen per tonne. Average exchange rate in August was 77.89 yen to a dollar, 2.53 yen higher against the dollar than the previous month.
(Sourced from texreport)
According to iron ore imports statistics for August announced by the Japanese Ministry of Finance on September 21, iron ore imports into Japan in August turned out to be 12.248 million tonnes hitting a high level for the first time since October 2008 which had iron ore imports of 13.328 million tonnes.
Iron ore import unit price in August was 13,868 yen per tonne. Average exchange rate in August was 77.89 yen to a dollar, 2.53 yen higher against the dollar than the previous month.
(Sourced from texreport)
Coal India may invest up to INR 40000 core in 12th Plan
Tuesday, 04 Oct 2011
ET reported that State-run Coal India today said it may invest up to INR 40,000 crore in the 12th Plan Period ending 2017 towards mines development for augmenting production.
Mr NC Jha CIL Chairman said "We will spend anything between INR 35,000 crore to INR 40,000 crore in the 12th Plan Period for development of new projects, buying machinery and building washeries, among others."
Mr Jha said that against the company's investment target of INR 35,000 crore during the 11th Plan Period, CIL might end the five-year period with an actual investment of less than INR 25,000 crore.
He said that "There were lot of bottlenecks because of which we could not move ahead with our entire investment proposals in the 11th Plan Period, adding that during the 12th Plan, the production target is more which warrants more investment.”
Mr Jha said CIL has set a production target of 556 million tonne by 2016-17 against the country's projected demand of 965 million tonnes in the terminal year of the 12th Plan Period. He said that "Overall, country's coal production, including by captive miners is likely to be 700 million tonne by 2016-17. So, we will have to import the remaining to meet demand."
Mr NC Jha said that overseas coal assets acquisition program of the company was not moving ahead as was expected and hence, the focus of the company in the next Plan Period would be on developing mines within the country.
CIL had earlier announced that it plans to put up 20 new washeries with a combined capacity of 111.1 million tonnes. It has 17 such washeries now.
(Sourced from Economic Times)
ET reported that State-run Coal India today said it may invest up to INR 40,000 crore in the 12th Plan Period ending 2017 towards mines development for augmenting production.
Mr NC Jha CIL Chairman said "We will spend anything between INR 35,000 crore to INR 40,000 crore in the 12th Plan Period for development of new projects, buying machinery and building washeries, among others."
Mr Jha said that against the company's investment target of INR 35,000 crore during the 11th Plan Period, CIL might end the five-year period with an actual investment of less than INR 25,000 crore.
He said that "There were lot of bottlenecks because of which we could not move ahead with our entire investment proposals in the 11th Plan Period, adding that during the 12th Plan, the production target is more which warrants more investment.”
Mr Jha said CIL has set a production target of 556 million tonne by 2016-17 against the country's projected demand of 965 million tonnes in the terminal year of the 12th Plan Period. He said that "Overall, country's coal production, including by captive miners is likely to be 700 million tonne by 2016-17. So, we will have to import the remaining to meet demand."
Mr NC Jha said that overseas coal assets acquisition program of the company was not moving ahead as was expected and hence, the focus of the company in the next Plan Period would be on developing mines within the country.
CIL had earlier announced that it plans to put up 20 new washeries with a combined capacity of 111.1 million tonnes. It has 17 such washeries now.
(Sourced from Economic Times)
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