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Saturday, 17 July 10
BULLISH OUTLOOK FOR COKING COAL - MINING MX & HELLENIC SHIPPING
 Mining Mx reported that, the coking coal market has better long-term fundamentals than the iron ore market, according to a recent research report by financial institution MF Global. The report highlighted the potential of Mozambique and Mongolia to be “potential game changers” on the supply side - but only from 2015 and “conditional on infrastructure”.
As a result of its concern over the provision of the required infrastructure, MF Global has turned bearish on prospects for Australian junior Riversdale Mining which is developing two major coking coal projects near Tete in Mozambique.
These are the Benga project, in which Indian steel group Tata holds a 35% stake, and the Zambeze project, in which Chinese group Wuhan Iron and Steel Corporation has just agreed to buy a 40% stake.
Riversdale has also struck a logistics partnership agreement with China Communications Construction Company.
This company will carry out a “mine to ship logistics” study into the export of large volumes of coal from Mozambique, which at present suffers severe limitations on its rail and port infrastructure.
On Thursday, Riversdale announced a capital raising of A$337m at a fixed offer price of A$9.40 a share to accelerate the development of stages two and three of the Benga project.
Riversdale chairman Michael O’ Keeffe said the accelerated logistics development also included “Riversdale’s commitment to upgrading the existing coal terminal at Beira, for which Riversdale has entered into a memorandum of understanding with Vale and the Mozambique rail and port authority CFM.”
MF Global has put out a sell recommendation on Riversdale, on the grounds that the market “is expecting too much too soon”.
The firm said: “The risk/reward profile on offer is actually about long-term infrastructure development and financing.
“Given the recent share price moves, we believe the market is already pricing in quite an optimistic outcome on this front, particularly when compared to a number of producing companies where resource optionality isn’t being valued at all.
“The infrastructure demands are challenging and we expect disappointments. Riversdale’s production targets are conditional upon a significant amount of infrastructure being developed and allocations being received.
“Investors without a very long-time horizon and specialist interest in development risk would be best taking profits above $10.”
MF Global said the coking coal market appeared more balanced than iron ore, because China was not such a major factor.
The firm said: “Japan is the largest destination (35%) followed by India (20%), China (10%) and Europe (10%).
“The more balanced spread is positive when compared to the concentrated risk of the iron ore market, particularly if there is to be a more balanced global economy in 2010.
“In the longer term, demand will be driven by India and Brazil which are long (on) iron ore but short coking coal. “
Turning to the supply side, MF Global pointed out this was dominated at present by Australia which accounted for 70% of the seaborne trade in coking coal. However, supply growth from that country was constrained by logistics problems.
About 85% of the metallurgical coal exports from Australia are shipped from the state of Queensland, but MF Global pointed out port capacity has been operating at around 70% to 80% for the past five years.
The report stated: “In Queensland, the rail network is underdeveloped and congestions are frequent. System underperformance has resulted in lost sales and increased demurrage. “The queues of ships that can sometimes stretch as long as 70 in number and can wait for over a month to be loaded, are nearly always caused by rail congestion rather than the port facility itself.”
Source: Mining Mx / Hellenic Shipping
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Tuesday, 27 July 10
INDIA HAS IMPORTED 1.5 MILLION TONS OF COAL LAST WEEK
COALspot.com: Coal imports in Indian ports have reached over 1.5 million tons for the week ended 25 July 2010. According to port agents, aroun ...
Tuesday, 27 July 10
DRY BULK SPOT CARGO DEMAND SHARPLY UP, TRIGGERING RISE IN RATES
Hot on the heels of the dry bulk market’s first weekly gain in almost two months, Monday began on a similar note, with the Baltic Dry Index (B ...
Tuesday, 27 July 10
KANGAROO RESOURCES INKS 297MT COAL RESOURCE FOR TANUR JAYA PROJECT
Kangaroo Resources has reported JORC Code compliant open cut Coal Resources totalling 297 million tonnes for the Tanur Jaya Coal Project in East Kal ...
Monday, 26 July 10
INDONESIAN COAL PRICE REFERENCE FOR JULY 2010 IS US$ 96.65 PER TON FOB VESSEL
COALspot.com: The Directorate General of Mineral, Coal and Geothermal of Indonesia has been publishing a monthly coal price reference (HBA) since Fe ...
Monday, 26 July 10
BHATIA INTERNATIONAL, MIGHT GRAB THE MAJORITY OF COAL SUPPLY ORDER FROM MAHAGENCO
COALspot.com: Maharashtra State Power Generation Co., a provider of electricity to India’s commercial hub Mumbai, has received price bids from ...
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- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
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