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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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- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- The University of Queensland
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
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