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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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Wednesday, 30 June 10
U.S. STEAM COAL EXPORTS TO SUPPORT FREIGHT RATES
Booming North American coal exports to China, driven by the country's insatiable need for steel raw materials, will provide support to freight rate ...
Tuesday, 29 June 10
EXPORT LETTER OF CREDIT PLAN DUMPED - THE JAKARTA GLOBE
The Jakartaglobe reported that, Indonesia has canceled a proposed regulation that would have required exporters of commodities such as cocoa, coffee ...
Tuesday, 29 June 10
BUMA TO MOVE AROUND 333 MLN BCM OF OVERBURDEN IN 2010
COALspot.com: PT Delta Dunia Makmur Tbk, holding company of Indonesia's second largest coal mining contractor PT Bukit Makmur Mandiri Utama (BUMA), ...
Tuesday, 29 June 10
DRY BULK'S DOWNFALL FINALLY SHOWING SIGNS OF STABILIZATION
Although the dry bulk market has begun the week where it left off, that is on a downward note, brokers and charterers appear to be on the consensus ...
Monday, 28 June 10
REVISIONS SHOULD AIM MINERAL AND COAL LAW
VIVAnews reported that, the Consortium of Mineral, Coal and Geothermal-Producing Regional Governments (Minerbapabum) is asking the government to per ...
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- Samtan Co., Ltd - South Korea
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
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- Bangladesh Power Developement Board
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- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
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- Goldman Sachs - Singapore
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- Energy Link Ltd, New Zealand
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- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
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- Salva Resources Pvt Ltd - India
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- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
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- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
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- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
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- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Independent Power Producers Association of India
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- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
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- Asmin Koalindo Tuhup - Indonesia
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- PowerSource Philippines DevCo
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- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
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- Parliament of New Zealand
- Australian Commodity Traders Exchange
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- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
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- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
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- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
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- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
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- Cigading International Bulk Terminal - Indonesia
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- Australian Coal Association
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- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
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- Bank of Tokyo Mitsubishi UFJ Ltd
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