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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, 16 July 10
CHINA EXPORTS 10.14 MILLION TONNES OF COAL IN H1 OF 2010
China exported 10.14 million tonnes of coal in the first half of this year, down 13.1% compared with the corresponding period of last year, accordin ...
Thursday, 15 July 10
SMC TO PURSUE MINDANAO COAL MINING PROJECTS
Philippine Daily Inquirer reported that, DIVERSIFYING CONGLOMERATE San Miguel Corp. is inclined to pursue its coal mining projects in Mindanao ...
Thursday, 15 July 10
ADANI ENTERPRISES WILL BUY $1 BILLION COAL MINE FROM LINC ENERGY - TOP NEWS
Top News reported that, Adani Enterprises has almost managed to obtain a coal mine from Linc Energy for $1 billion in Queensland, Australia. This mi ...
Thursday, 15 July 10
ADANI TO DEVELOP COAL EXPORT TERMINAL IN AUSTRALIA - BUSINESS STANDARD
Business-Standard reported that, The Adani Group, promoter of Mundra Port and Special Economic Zone (MPSEZ), today said it has been selected as the ...
Thursday, 15 July 10
NO IMPROVEMENT IN THE DRY BULK MARKET - INTERMODAL
Broker’s insight
With the Baltic Dry Index today (13/7/2010) standing at 1,790 points - the lowest point since early May 2009 - ...
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- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- The University of Queensland
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
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