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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, 06 July 10
SHENHUA GROUPS 2013 PROFIT MAY EXCEED $15 BILLION - BUSINESS WEEK
Business Week reported that, Shenhua Group Corp., China’s biggest coal producer, expects profit to exceed 100 billion yuan ($15 billion) by 20 ...
Saturday, 03 July 10
THE FREIGHT MARKET CONTINUES TO BE UNCERTAIN - CAPT. REDDY
COALspot.com: The market continues to soften and the most affect sector was Panamax which was down by almost 20 pct and closed at 2447 points. The C ...
Friday, 02 July 10
SARDA ENERGY TO ACQUIRE COAL MINES IN INDONESIA
India Info Line reported that, Sarda Energy & Minerals Ltd has announced that the authorities in Indonesia have granted the Environment Cle ...
Friday, 02 July 10
DRY BULK MARKET ON A FREEFALL, REACHING ITS LOWEST IN 9 MONTHS
The Baltic Dry Index is off to break more negative records this week, as the dry bulk shipping industry’s main benchmark has failed to find ro ...
Friday, 02 July 10
PROPOSED MINERAL RESOURCE RENT TAX - PRESS RELEASE (2)
Press Release: BHP Billiton, Rio Tinto and Xstrata said today that they are encouraged by the Federal Government’s announcement that it propos ...
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- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- VISA Power Limited - India
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Australian Coal Association
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
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