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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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Friday, 23 July 10
KOWEPO TO IMPORT ADDITIONAL 1.2 MILLION TONS OF INDONESIAN COAL WITHIN 5 MONTHS
Korea Western Power Company Limited has finalized around 1.2 million tonnes of Indonesian origin of coal last week. According to K ...
Friday, 23 July 10
THE PANAMAX MARKET HAS CONTINUED ITS SLOW CLIMB - FEARNLEYS
Handy
Continued flat Atlantic markets and over-supply of tonnage across all segments on spot basis. Nevertheless there is more fresh enquiry on Co ...
Friday, 23 July 10
KPMG INDIA FACES COAL DEFICIT OF 50% OF EXPECTED POWER PLANT DEMAND, SAYS - BLOOMBERG
Bloomberg reported that, India may face a coal shortfall of 189 million metric tons a year by 2015, about 50 percent of the power sector’s exp ...
Thursday, 22 July 10
BERAUS IPO NEXT MONTH CAN BECOME THE LARGEST THIS YEAR - THE JAKARTA POST
The Jakarta Post reported that, Indonesia’s fifth largest coal miner PT Berau Coal Energy Tbk will launch its initial public offering (IPO) ne ...
Thursday, 22 July 10
DRY BULK MARKET EDGES HIGHER, BUT RECOVERY IS SLOW
The dry bulk market’s recovery, which started last Friday has sustained its momentum thus far, but the pace of it seems to be an agonizing one ...
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- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- The University of Queensland
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
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