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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, 02 July 10
MINERALS RESOURCE TAXATION IN AUSTRALIA - PRESS RELEASE
Press Release : Rio Tinto acknowledges the Australian Government’s announcement that the Resource Super Profits Tax (RSPT) proposal will be re ...
Thursday, 01 July 10
TATA POWER TO RAISE US$300 MILLION THROUGH ITS COAL SPVS TO FUND ADDITIONAL ACQUISITIONS AND / OR REDUCE OUTSTANDING DEBT
Stock Markets Review reported that, Tata Power, India’s largest private power player has signed an agreement to raise US$300 million in Bhira ...
Thursday, 01 July 10
HELLENIC SHIPPING NEWS POLL: THE BDI WILL STAY ABOVE 3,000 POINTS IN THE SECOND HALF OF 2010
When Hellenic Shipping News Worldwide prepared June’s poll asking readers about where do they think that the Baltic Dry Index (BDI) will range ...
Thursday, 01 July 10
PANAMAX MARKETS CONTINUE TO DROP IN ALL BASINS - FEARNLEYS
Handy
Atlantic rates continue to slide with little activity. Supras open in USG get low 30´s to Med and mid 40´s to FEast. Hmax/Supra ...
Wednesday, 30 June 10
PTBA TO SUPPLY ADDITIONAL 180 MLN TONS OF COAL TO PLN FOR 20 YEARS
COALspot.com: Indonesia's state-owned coal mining company PT Tambang Batubara Bukit Asam Tbk (PTBA) has entered into a new contract with state owne ...
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- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- MS Steel International - UAE
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Minerals Council of Australia
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Planning Commission, India
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
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