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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, 20 July 10
CHURCHILL PLANNING TO PRODUCE 35 MILLION TONNES PER ANNUM FROM ITS EAST KUTAI COAL PROJECT
According to Churchill's website, the East Kutai Coal Project is a world-class thermal coal deposit, with a JORC Mining Reserve of 961 milli ...
Tuesday, 20 July 10
DRY BULK SHIPPING MARKET FINDING SOME SUPPORT, AS OWNERS TAKE CAPE SIZES OFF THE MARKET
With the Baltic Dry Index finally having reached bottom, at least according to market analysts, the dry bulk industry is looking to begin its long r ...
Monday, 19 July 10
INDONESIA EXPORTS 24.49 MILLION TONNES OF COAL IN JUNE 2010
COALspot.com: Indonesia, the world largest coal exporter, exported 141.249 million tons of coal in the first half of this year. In June 2010, Indone ...
Monday, 19 July 10
CHINA ONCE AGAIN DOMINATING SHIPPING FREIGHT RATES, WHILE OVERSUPPLY OF TONNAGE RAISES CONCERN
The ending of the week brought a cheerful note among dry bulk ship owners, as the sinking benchmark of the industry, the Baltic Dry Index (BDI) fina ...
Saturday, 17 July 10
THE DRY BULK MARKET CONTINUED THE DOWNWARD TREND - VISTAAR
COALspot.com: The indices continued the downward trend this week also with BDI at 1,720 points and cape size index at 1676 points and the charter ra ...
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- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
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