Metals & Mining - August 2013
Transcript of Metals & Mining - August 2013
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Source: 12th Five-Year Plan; Ernst & Young; Aranca Research
Third-largest coalproducer
Coal production has increased at a five-year CAGR of 4.6 per cent to 540 million tonnes inFY2012 making India the third largest producer in the world. Further, India has the fifth-largest coal reserves in the world
Fourth-largest iron ore
producer
Iron ore production expanded at a CAGR of 3.2 per cent during FY0711. Based on iron
ore production, India ranks fourth globally
Second-largest steelproducer by 2015
India is slated to become the second-largest steel producer by 2015. Crude steelproduction increased at a CAGR of 7.7 per cent over 200512
Fifth-largest bauxitereserves
India has the fifth-largest bauxite reserves, with deposits of about 3 billion tonnes or 5 percent of world deposits. Aluminium production is estimated to be 4.7 million tonnes perannum during 201217
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The engineering sector is delicensed;100 per cent FDI is allowed in thesector
Due to policy support, there wascumulative FDI of USD14.0 billion intothe sector over April 2000 February2012, making up 8.6 per cent of totalFDI into the country in that period
Growing demand
Source: DataMonitor, Aranca Research
Notes: FDI - Foreign Direct Investment, MMDR Bill - Mines and Mineral (Development and Regulation) Bill
Demand growth
Rise in infrastructure developmentand automotive production drivinggrowth in the sector
Power and cement industries alsoaiding growth in the metals andmining sector
Attractive opportunities
There is significant scope fornew mining capacities in ironore, bauxite, and coal
Untapped metal reserves inIndia are to the tune of 82billion tonnes
Policy support
100 per cent FDI allowed in themining sector under the Automatic
Route Mining lease granted for a longduration of minimum 20 years andup to 30 years
Approval of MMDR Bill (2011) toprovide better legislativeenvironment for investment andtechnology
Competitive advantage
India holds a fair advantage incost of production and conversion
costs in steel and alumina Its strategic location enables
convenient exports to developedas well as the fast-developingAsian markets
2011
Industryvalue:
USD141.9billion
2015F
Industryvalue:
USD305.5billion
AdvantageIndia
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Source: World Steel Association (WSA), DataMonitorNote: CAGR - Compound Annual Growth Rate
Mining sectorreceived a boost
postindependenceunder theimpact ofsuccessive FiveYear Plans
Central GovernmentpromulgatedIndustrial PolicyResolution
The exploration ofminerals wasintensified and the
Geological Survey ofIndia wasstrengthened
Indian Bureau ofMines wasestablished to lookafter the scientificdevelopment ofmineral resources
Mineral ExplorationCorporationestablished toconduct explorationwith focus on coal,iron ore, limestone,dolomite andmanganese ore
1947
1956
1972
Present
India is the largest
producer of sheet mica,the third largest producerof iron ore and the fifthlargest producer ofbauxite in the world
Crude steel production inIndia expanded at aCAGR of 6.7 per centover 1980-2012
India accounted for 7.3per cent of the metalsand mining industry inthe Asia-Pacific region in2011
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Metals and Mining
Iron and steel segment offers a product mix which includes hot
rolled parallel flange beams and columns rails, plates, coils, wire
rods, and continuously cast products such as billets, blooms, beam,
blank, rounds and slab, and metallics and ferro alloy
Coal market consists of primary coal (anthracite, bituminous and
lignite)
Coal
Iron and steel
Aluminium segment includes alumina chemicals, primary aluminium,
aluminium extrusions, aluminium rolled products
Base metal market consists of lead, zinc, copper, nickel and tinBase metals
Aluminium
Precious metals market includes gold, silver, platinum, palladium,
rhodium, diamond
Precious metals andminerals
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Source: DataMonitor, Aranca ResearchNote: CAGR - Compound Annual Growth Rate
Value of Indias metals and mining industry(USD billion)
Indias metals and mining industry recorded a strong 19.8per cent expansion in 2011 to touch USD141.9 billion
Much of the above growth in the industrys value can beattributed to higher prices given that production volumegrowth was relatively lower at 3.2 per cent (total productionstood at 716.3 million metric tonnes)
Production volumes have been growing steadily over theyears over 2007-11, it registered a CAGR of 5.2 per cent;with prices also rising during this period, the sectors valuerose by around 17.7 per cent (CAGR)
74.0
105.4
89.7
118.4
141.9
2007 2008 2009 2010 2011
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Source: DataMonitor, Aranca Research
Shares in Indias metals and mining industry (2011)
Iron and steel is the largest segment of the Indian metals and mining industry, accounting for 68.5 per cent of the overallindustry value (2011); coal is the other major sub-segment with a 26.5 per cent share
India accounted for 7.3 per cent of the metals and mining industry in the Asia-Pacific region in 2011
Indias share in the metals and mining industry in
Asia-Pacific (2011)
73.8%
20.8%
3.2%
2.0%
0.2%
Iron & Steel
Coal
Aluminium
Base Metals
Precious metals &minerals
71.7%
8.3%
7.1%
3.9%9.0%
China
Japan
India
South Korea
Rest of Asia-Pacific
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Source: Ministry of Mines (Annual Report 201112);Aranca Research
Iron ore production (million tonnes)India is the worlds fourth largest iron ore producer (globalshare of 11 per cent)
Iron ore production is estimated to have increased at aCAGR of 3.2 per cent during FY0711. Total production inFY13 stood at 140.1 million tonnes
Private sector accounted for 67 per cent of Indias total ironore production in FY12
In FY12, Odisha, Karnataka, Chhattisgarh, Goa, andJharkhand accounted for 97 per cent ofIndias total iron oreproduction
188213 213 219 207
167140
FY07 FY08 FY09 FY10 FY11 FY12 FY13
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Source: World Steel Association, Aranca Research
Note: e - Estimate
Crude steel production (million metric tonnes)
Given that iron ore is a key ingredient in steel production, the expansion in iron ore production in India can be linked to thecountrys fast-expanding steel sector
Crude steel production is estimated to reach 76.7 million metric tonnes in 2012, expanding at a CAGR of 7.7 per cent over200512. Production in Q1 2013 is estimated at 19.8 million metric tonnes
India is the worlds fourth-largest producer of crude steel (2012), with a global share of 5.1 per cent
Shares in global crude steel production (2012)
45.8 49.5
53.1 57.8
62.8 66.872.2
76.7
2005 2006 2007 2008 2009 2010 2011 2012e
46.9%
7.1%
5.9%
5.1%
4.7%China
Japan
United States
India
Russia
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Source: Ministry of Commerce, Aranca Research
Indias exports of iron and steel (USD billion)India is the worlds third largest exporter of iron ore
With rising domestic demand-supply gap and to makedomestic supplies more attractive, the government onMarch 2011 hiked freight charges and taxes on iron oreexports
Indias Iron and steel exports increased at a CAGR of 4.2per cent to USD8.1 billion in FY13
6.6
7.5
4.5
7.1
8.3 8.1
FY08 FY09 FY10 FY11 FY12 FY13
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Source: Reserve Bank of India, Aranca Research
Indias imports of iron and steel (USD billion)India has turned into a net importer of iron and steel due tostrong growth in the manufacturing sector and risinginfrastructure projects
Indias transition into a net importer of steel despite thestrong growth in domestic steel production shows thedemand potential of the sector
The impact of strong growth in domestic steel productionhas been most felt in the iron ore sector; with steel firmsever rising demand for the raw material, Indias imports ofiron ore has been growing steadily (for example, iron andsteel imports increased at a CAGR of 8.4 per cent overFY08-13)
9.110.3 8.8
11.0
13.6 13.6
FY08 FY09 FY10 FY11 FY12 FY13
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Source: Ministry of Mines, Aranca Research
Note: CAGR - Compound Annual Growth Rate,P - Provisional, E - Estimate
Coal production (million tonnes)Coal production recorded a CAGR of 4.3 per cent overFY08-12
In the coming years, coal production in the country is likelyto receive a boost as the government plans to replace thecountrys captive mining policy in coal and iron ore with anopen bidding one
457
493
532 533 540
488
FY08 FY09 FY10 FY11 FY12(P) FY13(E)
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Source: BP Statistical Review of World Energy June 2012,Aranca Research
Shares in global coal production (2011)India is the worlds fourth-largest producer of coal and hasthe fifth-largest reserves globally
Coal India Ltd (CIL), a Government of India enterprise, isthe worlds largest coal company based on raw coalproduction and coal reserves
49.5%
14.1%
5.8%
5.6%
5.1%
20.0% China
US
AustraliaIndia
Indonesia
Rest of the World
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Source: Geological Survey of India, Indian Bureau of Mines, Aranca Research
Notable
Trends
Coal deposits in million tonnes (mt)Iron ore deposits in million tonnes (mt)
States with major coal deposits
Jharkhand (76,963 mt)
Odisha (66,307 mt)
Chhattisgarh (46,682 mt)
West Bengal (29,853 mt)
Andhra Pradesh (22,016 mt)
Madhya Pradesh (21,988 mt)
Maharashtra (10,308 mt)
States with lower coal deposits
Uttar Pradesh (1062 mt)
Meghalaya (577 mt)
Assam (387 mt)
Nagaland (316 mt)
Bihar (160 mt)
Sikkim(101 mt)
Arunachal Pradesh (90 mt)
States with iron ore deposits
Odisha (44.8 mt)
Karnataka (34.3 mt)
Goa (3.7 mt)
Chhattisgarh (3.4 mt)
Jharkhand (3.2 mt)
Andhra Pradesh (0.8 mt)
Madhya Pradesh (0.3 mt)
Maharashtra (0.1 mt)
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Source: World Bureau of Metal Statistics (WBMS),Economist Intelligence Unit (EIU), ICRA Management Consulting Services Ltd (IMaCS), Aranca Research
Note: ICRA - Information Credit Rating Agency Ltd
Aluminium demand by sector (2011)
Currently, aluminium is the second most used metal in the world after steel and the third most available element in theearth constituting almost 7.3% by mass
India has 3.3 billion tonnes of bauxite reserves, the fifth-largest deposit of bauxite globally
Indias share in global aluminium production (2012)
39.0%
18.0%
15.0%
9.0%
19.0%Electrical
Transport
Machinery
Packaging
Other
43.9%
8.7%6.0%
5.1%
4.5%
4.1%
4.1%
3.7%
19.9%
China
Russia
Canada
EU
US
UAE
Australia
India
Rest of the World
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Source: World Bureau of Metal Statistics (WBMS),
12th Five Year Plan,EIU, ICRA Management Consulting Services Ltd(IMaCS), Aranca Research
Note: ICRA - Information Credit Rating Agency Ltd
Aluminium production in 2012 (million tonnes)Aluminium production is estimated to be 4.7 mill ion tonnesper annum during 201217. Output growth is expected toaverage around 4.5 per cent in 201314
India's primary aluminium production capacity is expected toincrease from 1.7 tonnes per annum (tpa) in 2012 to 4.7 tpaby end-2017, with much of the expansion in capacity andproduction targeted for export markets
1.6
1.7
1.7
1.8
1.9
2010 2011 2012 2013F 2014F
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Source: WBMS, EIU, Aranca Research
Aluminium consumption (million tonnes)The growth in global aluminium consumption averaged 6.8per cent in 2012, while consumption in India rose 7.5 percent in the same year
During 200711, world aluminium consumption expanded atan estimated CAGR of 4.6 per cent
Growth is forecast to average just over 7 per cent in 201314
Aluminium's main markets are China (which represented41.4 per cent of worldwide demand in 2011), followed bythe US (9.6 per cent), Germany (5 per cent), Japan (4.6 percent), and India (3.7 per cent)
1.51.6
1.7 1.8
1.9
2010 2011 2012 2013F 2014F
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Segment Major Player Market Share Other players
Iron and Steel NA Sesa Goa, SAIL, Orissa Minerals
Coal 80 per centSingareni Collieries Company,
Reliance Natural Resources
Aluminium 60 per cent
National Aluminium Company
(NALCO),Bharat Aluminium Company
(BALCO)
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Note: MT - Metric Tonnes
Captive mining for coal
In captive mining for coal, companies are permitted to set up coal washeries and forspecified end uses, including the setting up of power plants, fertilisers and steel units
Under the captive route, the government has allocated 198 coal blocks with geologicalreserves of about 42 billion tonnes to various public and private sector companies
Focus on domesticmarket
The demand for metal and metal products is rising in the domestic market with India beinga net importer in the metals segment
In March 2011, freight charges and taxes on iron ore exports were increased to boostdomestic supplies
Overseas ventures
In search of greater mineral opportunities, an increasing number of Indian miningcompanies are venturing overseas in a bid to secure stable, long-term supplies of mineralsespecially in the areas of coal and iron ore
Coal India plans to export 10 MT of coal from Mozambique to India in the next 10 years;the company is seeking more license blocks in Mozambique
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Note: M&A - Mergers and Acquisitions, FDI - Foreign Direct Investment
Policy support
Relaxed FDI norms
Allowing privateownership
Reduced customsduty
Increasing investments
Value of M&A deals inmetals and mining rose
at a CAGR of 138 percent over 2008-11
Increasing FDI
Inviting Resulting in
Higher demand formetals
Growing infrastructure
investments
Sustained growth inIndias automotive
sector
Aluminium and coal
benefiting from risingpower production
Rising production ofcement increasingdemand for coal
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Source: SIAM, Aranca Research
Note: FY - Indian Financial Year (April - March)
Sustained growth in Indias automotive sector has been driving demand for steel and aluminium
Production of automobiles increased at a CAGR of 12.2 per cent over FY0513
Passenger vehicles was the fastest-growing segment, representing a CAGR of 15.4 per cent
India is expected to become the worlds third-largest auto market by 2020
Total production of automobiles in India (million units)
1.2 1.3 1.3 1.61.8 2.4
3.03.1
3.2
0.4 0.40.5 0.6 0.4
0.6 0.8 0.8 0.8
0.4 0.4 0.6 0.5 0.5 0.60.8 0.8 0.8
6.5
7.6 8.5 8.0 8.4
10.5
13.4
15.5 15.9
FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13
Passenger Vehicle Commercial Vehicle Three Wheelers Two Wheelers
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Source: Central Electricity Authority (CEA), Aranca Research
Note: TWh - Terawatt-hour,P- Provisional
Power generation in India (in TWh)The power sector accounts for a large share of theconsumption of aluminium and coal in the country
Power generation in India expanded at a CAGR of 5.7 percent during FY0613
In FY13, total power generation capacity stood at 223,344MW, with capacity addition of 20,623 MW during the year
In the Eleventh Plan, India is estimated to have addedaround 60,000 MW of generation capacity at an investmentof USD11.5 billion
To meet growing power demand, the Power Ministry hastargeted capacity addition of 85,000 MW in the Twelfth Plan(2012-17) period
618 663 705
724 772811
876 912
FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13P
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Source: Business Monitor International s (BMI) report on
infrastructure industry in India Q4 2012, Aranca ResearchNote: F - Forecasts (by BMI)
Indias expanding infrastructure industry
(USD billion)Infrastructure projects continue to provide lucrative businessopportunities for steel, zinc and aluminium producers
Indias infrastructure sector expanded at a CAGR of 15.8per cent over FY08-11
37
48 48 5866 65
8197
115
136
FY08
FY09
FY10
FY11
FY12E
FY13F
FY14F
FY15F
FY16F
FY17F
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Source: Business Monitor International s (BMI) report on
infrastructure industry in India Q4 2012, Aranca ResearchNote: F - Forecasts (by BMI)
Residential and non-residential building industry(USD billion)
Indias residential and non-residential building industryexpanded at a CAGR of 10.7 per cent over FY08-11
Growth in the sector is set to increase in the nextfew years; forecasts put the CAGR for FY12-17 at14.5 per cent
Iron and steel being a core component of the real estate
sector, demand for these metals is set to continue givenstrong growth expectations for the residential andcommercial building industry 57 55
70
80 7996
113
134
158
FY09 FY10 FY11 FY12F FY13F FY14F FY15F FY16F FY17F
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Source: Department of Industrial Policy and Promotion,12th Five Year Plan, Aranca Research
Note: E - Estimate, MTPA - Million Tonnes Per Annum,CAGR - Cumulative Average Growth Rate
Cement production in India (million tonnes)India is the worlds second-largest producer of cement; thesectors strong expansion over the past decade has been akey contributor to rising coal demand
Cement production increased at a CAGR of 9.7 per cent to272 million tonnes over FY0613
Production is expected to reach 407 million tonnes by FY17,
as per the 12th Five-Year Plan
By FY13, the cement sector is expected to add 30-40 MTPAof additional capacity
142 156 168
182207
229247
272 300332
368 407
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13E
FY14E
FY15E
FY16E
FY17E
CAGR: 9.7%
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Source:Aranca Research
Higher cement
production
Increasing number of
houses
Large infrastructure
projects
Expanding road
construction
Government support
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Source: India Mining Report by BMI-Q2 2012, Aranca ResearchNote: Description of each headline given in the Appendix
Within the Asia-Pacific region, India is ahead of South Korea and Philippines in the mining sector; at the same time it is incompetition with Australia, Malaysia, China, Indonesia and Japan
Limits of potential returns Risks to realisation of returns
MiningIndustry
Countrystructure Limits
Marketrisks
Countryrisk Risks
Miningrating
India 25.0 52.8 34.7 68.5 53.2 60.8 42.6
South Korea 10.0 66.2 29.7 77.7 57.5 67.6 41.0
Japan 12.5 70.8 32.9 86.4 77.9 82.1 47.7
Philippines 17.5 56.2 31.1 60.4 41.5 51.0 37.0
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Note: FDI - Foreign Direct Investment
Allowing privateownership
Government of India is encouraging private ownership for steel operations and other highpriority industry
Reduced custom duty Government of India significantly reduced the duty payable on finished steel products and
has streamlined the associated approval process
Relaxed FDI norms FDI up to 100 per cent is permitted under the Automatic Route to explore and exploit all
non-fuel and non-atomic minerals and process all metals as well as for metallurgy FDI caps for coal and lignite has been increased to 100 per cent under the automatic route
Approved NMP In a positive move for the sector, in 2008, the Indian Cabinet approved the National
Mineral Policy (NMP) 2008, to boost FDI in mining
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Note: GOI - Government of India, PSUs - Public Sector Undertakings
Overview of the MMDRBill
GOI approved the new mining bill the Mines and Minerals Development Bill (MMDR Bill) on 30th Sep 2011; the bill calls for mining firms to share either profits or amountsequivalent to royalties with local communities
The proposed bill is expected to make it easier to win local approval and smoothen theland acquisition process
General restrictionsand mineralconcessions
Reservation of areas for PSUs removed
State governments to set up special courts to expedite prosecution in illegal mining Statutory Coordination cum Empowered Committee at central and state levels to decide
upon stringent penalties for offences
Process of revenuecollection and usage
Central government to establish National Mineral Fund; respective state governments toestablish State Mineral Fund(s)
District Mineral Foundation will be set up by the state government which will work for theinterest and benefit of persons or families affected by mining related operation in the
district and will be managed by a governing council The mining tax collected will be spent within the district
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Source: Thomson Banker, Deal Tracker, Aranca Research
Total M&A deal value in metals and mining increased at a CAGR of 138 per cent during 2008-11
In 2011, M&A deal value in the mining sector stood at USD11.2 billion, 292 per cent higher than the corresponding figurefor 2010 (USD2.9 billion)
M&A activities (as of Mar 2013)
Acquirer TargetAcquisition Price
(USD million)
Vedanta Resources PLC Cairn India Ltd (30.4% stake in December 2011) 4,541.9
Sesa Goa Ltd Sterlite Industries 3,911.0
Vedanta Resources PLC Cairn India Ltd (10.1% stake in July 2011) 1,513.2
GVK Power & Infrastructure Ltd Hancock Coal-Queensland Coal 1,260.0
Sesa Goa Ltd Cairn India Ltd 1,175.9
JFE Steel Corp JSW Steel Ltd 1,029.1
Lanco Resources Australia Griffin Coal Mining Co Pty Ltd 722.7
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Source: Bloomberg, Aranca ResearchNote: MT - Million Tonnes, MoU - Memorandum of Understanding
Revenues (USD billion)CIL supplied 465.2 MT of coal during FY13, with a record-high increase of over 32 MT in coal offtake
As per the MoU signed with the Ministry of Coal forFY201314, CIL fixed coal production target at 482 MT andoff-take target at 492 MT
6.5
8.1 8.59.4
11.5
14.6 12.7
FY07 FY08 FY09 FY10 FY11 FY12 9MFY13
Set up in 1967, Coal India Limited (CIL) is the largest coal mining company in India
Coal India contributes around 81 per cent of total coal production in India
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Source: Company website, Aranca Research
Coal production (in million tonnes)The company's strategic overseas ventures with Colombiaand US enabled it to meet India's rising energy demand
CIL has drawn up a five-year investment plan worthUSD9.32 billion, half of which would be capital investments,including the acquisition of overseas coal assets
Government has recently allocated 116 coal blocks to CIL
for expansion
336.6
353.3
377.2
395.1
390.0
392.5
408.6
24.3
26.2
26.5
36.1
41.4
43.4
43.7
FY07
FY08
FY09
FY10
FY11
FY12
FY13
Non Coking Coal Coking Coal
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Source: Company website, Aranca ResearchNote: Viswakarma Award is for outstanding achievement or good
performance on the part of workers in increasing productivity,quality, safety, working conditions, import substitution etc.
CAGR - Compounded Annual Growth Rate
Revenues (USD billion)SAIL has entered into a Joint Venture with POSCO, Korea;Kobe Steel Limited, Japan; Rashtriya Ispat Nigam Ltd;Larsen & Toubro Ltd; National Mineral DevelopmentCorporation; Hindustan Prefab Ltd; and IRCONInternational Limited, Turkey
SAIL employees bagged the maximum number ofViswakarma Awards declared in Aug 2009
SAIL's expansion plan worth USD15 billion will increase itsproduction capacity from 14 million tonnes per year (current)to 24 million tonnes by 2013
7.1 8.2
9.0
8.4 8.9
9.6 9.8
FY07 FY08 FY09 FY10 FY11 FY12 9MFY13
Incorporated in 1954, Steel Authority of India Ltd (SAIL) is India's second largest producer of iron ore
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Source: Company website, Aranca Research
Total saleable steel production (million tonnes)It won the Gold Trophy of SCOPE Meritorious Award forR&D, Technology Development & Innovation for 2007-08
It was also awarded the Corporate Social Responsibility &Responsiveness by the President of India in FY09
12.6 13.0 12.5 12.6 12.9 12.4
9.3
FY07 FY08 FY09 FY10 FY11 FY12 9MFY13
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Source: WSA, Ernst and Young, Aranca ResearchNote: kg - Kilograms
Untapped market withstrong growth potential
Indias per capita steel
consumption was 59 kg in
2012 compared with theglobal average of 215 kg
Rural per capita steel
consumption is likely to
reach around 20 kg from
13 kg currently
By FY12, a shortfall is
expected in domesticsupply of steel worth 3-8
million tonnes
Scope for new miningcapacities in iron ore,
bauxite and coal
India has the worlds fifth-
largest reserve base of
bauxite and fourth-largestbase of iron ore
respectively, and accounts
for about 7 per cent and 11
per cent respectively, of
total world production
Moreover, India has the
worlds fifth-largest coal
reserves and accounts for7.5 per cent of total global
production
Rapid growth of user-industries to drive
demand for metals andminerals
Strong long-term demand
from the steel industry is
expected to further boostthe iron ore industry
Increasing power
production is likely to
catapult demand for coal
Booming construction,
automobiles, and
packaging industries areexpected to lend
substantial support to the
metals and mining sector
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Source: PwC, Aranca ResearchNote: MT - Metric Tonnes, MTPA - Metric Tonnes Per Annum
Exploration in proposed explorationzones
Odisha: Bonai (Keonjhar belt) andTomka (Daitari and Umerkoke belts)
Jharkhand: All major high-grade oredeposits contain low-grade lateritic ores
Karnataka: Bagalkot, Tumkur, andChitradurga districts
Maharashtra: Sindhudurg, Gadchiroli,and Gondia
Chhattisgarh: All 14 deposits of Bailadilarange, Dantewada district
Andhra Pradesh: Kadapa, Kurnool,Karimnagar, Adilabad, and Gunturdistricts
Opportunities for value-add projectsand agglomeration plants for fines
utilisation
Fines production was approximately 126MT in 200910
Pelletisation capacity is about 24MTPA
Sintering capacity is about 39MTPA
Scope for domestic and foreign firms inupcoming PPP opportunities
Joint venture or technicalparticipation with midcap playerswith lease/license and seekingcapital, expertise and technology
In coal mines with auctions, andiron ore mines with larger scale
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Aluminium Association of India118, 1st Floor, Ramanashree Arcade18, M. G. RoadBengaluru, Karnataka-560 001Phone: 91- 80-25582197, 25582757Fax: 91-80-25594535E-mail: [email protected]
Federation of Indian Mineral IndustriesFIMI House, B-311, Okhla Industrial AreaPhase-I, New Delhi-110 020Phone: 91-11- 26814596Fax: 91-11- 26814593E-mail: [email protected]
Indian Stainless Steel Development AssociationL -22/4, DLF PhaseIIGurgaon, Haryana-122 002Phone: 91-124 - 4375501Fax: 91-124 - 4375509E-mail: [email protected]
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CAGR: Compound Annual Growth Rate
FDI: Foreign Direct Investment
FY: Indian Financial Year (April to March)
So FY10 implies April 2009 to March 2010
GOI: Government of India
IBM : The Indian Bureau of Mines
MoU: Memorandum of Understanding
PPP: It could denote two things (mentioned in the presentation accordingly)
Purchasing Power Parity (used in calculating per-capita GDP)
Public Private Partnership (a type of joint venture between the public and private sectors)
PE: Private Equity
USD: US Dollar
Wherever applicable, numbers have been rounded off to the nearest whole number
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Year INR equivalent of one US$
2004-05 44.95
2005-06 44.28
2006-07 45.28
2007-08 40.24
2008-09 45.91
2009-10 47.41
2010-11 45.57
2011-12 47.94
2012-13 54.31
Exchange Rates (Fiscal Year)
Year INR equivalent of one US$
2005 45.55
2006 44.34
2007 39.45
2008 49.21
2009 46.76
2010 45.32
2011 45.64
2012 54.69
2013 54.45
Exchange Rates (Calendar Year)
Average for the year
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