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Centrum Broking Report
Jindal Steel and Power Ltd. has won four thermal coal blocks in the recent auction. The combined mining capacity of the mines is ~15 million tonnes per annum (can be expanded to ~17 mtpa) which will make JSPL 100% self-sufficient in thermal coal and is back to pre-FY14 era, albeit at higher cost.
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The four mines won by JSPL are Utkal C (capacity of 3.3 mtpa, expandable to 5 mtpa at 45% premium, if used in coal gasification, premium will be 22.5%), Utkal B1 and B2 (capacity of 7.7 mtpa at 15.25% premium) at Odisha and Gare Palma IV/6 (capacity of 4 mtpa at 85.25% premium) at Chhattisgarh.
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The combined resources of the four mines are ~665 million tonnes and total mining capacity of ~15 mtpa, enough for 30 plus years. The weighted average premium is 35.5%.
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