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