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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, 23 June 10
WILHELMSEN SHIPS SERVICE OPENS NEW OFFICE IN KRISHNAPATNAM PORT INDIA
Wilhelmsen Ships Service has opened a branch office in Krishnapatnam port on the east coast of India according to statement released by company ...
Wednesday, 23 June 10
PTC'S INDONESIAN COAL-MINING FORAY-I: TO INVEST USD 69 MILLION VIA OVERSEAS SPV
Moving ahead with its plans to acquire coal assets abroad, the power trading major, PTC India Limited, has decided to invest a total of USD 69 milli ...
Tuesday, 22 June 10
INDIA HAS REPORTED MORE COAL IMPORTS FROM COLOMBIA
A second consecutive week of sharp corrections for the dry bulk market, although some of the softness could be attributed to Chinese holidays at the ...
Monday, 21 June 10
THE SUPRAMAX INDEX IN THE FAR-EAST (S6 ROUTE) WAS DOWN BY $ 1300 PER DAY - VISTAAR
COALspot.com: The market continued to soften in all sectors last week also with the BDI dropping by 18.07 pct and Cape index by 26.71 pct.
The BD ...
Sunday, 20 June 10
OUR COAL: ITS DEVELOPMENT AND CONTROVERSIAL ISSUES
Indonesia’s production of coal has been growing amazingly. In the mid 1980s, national coal production was less than 1 million tons per annum, ...
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- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
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