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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 $10.”
MF Global said the coking coal market appeared more balanced than iron ore, because China was not such a major factor.
The firm said: “Japan is the largest destination (35%) followed by India (20%), China (10%) and Europe (10%).
“The more balanced spread is positive when compared to the concentrated risk of the iron ore market, particularly if there is to be a more balanced global economy in 2010.
“In the longer term, demand will be driven by India and Brazil which are long (on) iron ore but short coking coal. “
Turning to the supply side, MF Global pointed out this was dominated at present by Australia which accounted for 70% of the seaborne trade in coking coal. However, supply growth from that country was constrained by logistics problems.
About 85% of the metallurgical coal exports from Australia are shipped from the state of Queensland, but MF Global pointed out port capacity has been operating at around 70% to 80% for the past five years.
The report stated: “In Queensland, the rail network is underdeveloped and congestions are frequent. System underperformance has resulted in lost sales and increased demurrage. “The queues of ships that can sometimes stretch as long as 70 in number and can wait for over a month to be loaded, are nearly always caused by rail congestion rather than the port facility itself.”
Source: Mining Mx / Hellenic Shipping
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Friday, 25 June 10
INDIAS THIRD-LARGEST SHIPPING COMPANY BAGS US$ 31 MILLION DEAL WITH SL
Daily Mirror reported that, Mainboard-listed and India-owned dry bulk shipping firm Mercator Lines says it has won a US$ 31 million contract in Sri ...
Friday, 25 June 10
DEMAND FOR COAL COULD BE GRADUALLY RETURNING - FEARNBULK
Handy
Atlantic markets seeing more activity today (23 June 2010) after a slump the last weeks. Supramax vessels open in USG are achieving low/mid ...
Thursday, 24 June 10
INDONESIAS BUMI DECLARED US$ 57.1 MILLION (AMOUNTING TO 30% OF 2009 NET INCOME) AS DIVIDEND
COALspot.com: PT Bumi Resources, Tbk’s Annual General Meeting (AGM) today was successfully held with a quorum of 75.89% resulting in sharehold ...
Thursday, 24 June 10
CHINA TARGETS 3.6 BILLION MT ANNUAL COAL OUTPUT FOR 2015
At a forum in Beijing entitled "Chinese energy strategy and energy development in the 12th five-year plan period (2011-2015)", He Youguo, ...
Thursday, 24 June 10
DRY BULK MARKET AT LOWEST POINT IN EIGHT MONTHS
The dry bulk market’s demise has failed to turn around so far this week, with the industry’s benchmark, the Baltic Dry Index (BDI), yest ...
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- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
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- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
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- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
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- Star Paper Mills Limited - India
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- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- GMR Energy Limited - India
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- Central Electricity Authority - India
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- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
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- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
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- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- PTC India Limited - India
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- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
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- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
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- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
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- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
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- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
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