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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, 08 July 10
DRY BULK MARKET STILL PLUNGING, NOW STANDING AT 14 MONTH LOWS
The dry bulk shipping market’s demise isn’t over yet, as the industry’s main benchmark, the Baltic Dry Index (BDI) has been on a f ...
Wednesday, 07 July 10
MACQUARIE SEES CHINA COMMODITIES PRICE FALLS AND CUTBACKS AHEAD - MINEWEB
MineWeb reported that, The research arm of Australia's Macquarie Bank - one of the most reliable of China watchers - in its latest briefing on Chin ...
Wednesday, 07 July 10
COAL PRICES ON THE RISE
Caixin online reported that, China's domestic coal prices have seen a 26.2 percent year-on-year rise in May. Meanwhile, the volume of coal im ...
Tuesday, 06 July 10
INCREASE IN DRY BULK SPOT FIXTURES UNABLE TO BOOST RATES, LOSING STREAK CONTINUES
Yet another week began on a negative note for the dry bulk shipping market, with the Baltic Dry Index posting its 28th straight losing daily session ...
Tuesday, 06 July 10
KEPCO, POSCO BUY AUSTRALIAN COAL MINES - CHOSUN
Chosun reported that, Electricity monopoly KEPCO and steelmaker POSCO have both bought coal mines in Australia.
KEPCO signed a 400 million Austra ...
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- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Wilmar Investment Holdings
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
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