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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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Thursday, 15 July 10
IRON ORE PRICING MECHANISMS PUT ON THE SPOT
THE new iron ore pricing mechanisms that killed off the annual benchmark system are coming under pressure. The spot price of the steel feed has fall ...
Thursday, 15 July 10
NTPC TO PURSUE COAL MINE ACQUISITION IN AUSTRALIA, INDONESIA - BUSINESS STANDARD
Business-Standard reported that, NTPC, the India’s largest power producer, has set the ball rolling to acquire coal mines or form joint ventur ...
Wednesday, 14 July 10
SUCCESSFUL COMMISSIONING OF GTLE LOW RANK COAL UPGRADING PLANT
COALspot.com: GTL Energy Ltd (GTL Energy) announced that construction and commissioning of its proprietary ‘first-of-a-kind’, low rank c ...
Tuesday, 13 July 10
BUMI TO PRODUCE MORE THAN 67 MILLION TONS OF COAL IN 2010
COALspot.com: Bumi resources, Indonesia’s largest coal producer has previewed its operating results in KPC/Arutmin for Jan – Jun 2010. A ...
Tuesday, 13 July 10
FURTHER LOSSES FOR BALTIC DRY INDEX ON HIGH VESSEL SUPPLY
The dry bulk market can’t catch a breath, as it has now entered the 7th straight week of losses. The industry’s benchmark, the Baltic Dr ...
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- Directorate Of Revenue Intelligence - India
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- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
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- Economic Council, Georgia
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
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- Merrill Lynch Commodities Europe
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- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Indogreen Group - Indonesia
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- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
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- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- White Energy Company Limited
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- Orica Australia Pty. Ltd.
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- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
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- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
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- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
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- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- PTC India Limited - India
- Deloitte Consulting - India
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
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- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
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