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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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Saturday, 19 June 10
STRONG DEMAND, RISING PRODUCTION SETTING SCENE FOR COAL BONANZA - THE JAKARTA GLOBE
The Jakarta globe rerported that, As the nation’s coal miners enjoy burgeoning demand from energy-hungry economies such as China and India, th ...
Saturday, 19 June 10
DRY BULK MARKET DOWN ON CHINESE SLOWDOWN FEARS
Dry bulk freight rates have been on a freefall for more than two weeks now, something which has caused the industry’s benchmark, the Baltic Dr ...
Saturday, 19 June 10
COAL INDIA KEEN ON BLOCK DEVELOPMENT IN INDONESIA - THE HINDU BUSINESS LINE
Expanding horizon
Agreement by the Indonesian Government is likely to help CIL gain foothold in India's largest sourcing point of thermal coal.
...
Friday, 18 June 10
THE PANAMAX MARKET CONTINUED ITS SOFTENING TREND - FEARNBULK
Handy
Flat Atlantic markets with most markets in ´slow mode´ due to holidays in China.
Supramax vessels open in the USG are achievi ...
Thursday, 17 June 10
INDONESIAN COAL PRICE REFERENCE FOR JUNE IS US$ 97.22/TON UP 5.59 PERCENT
COALspot.com: The directorate general of mineral, coal and geothermal of Indonesia has been publishing a monthly coal price reference (HBA) to be us ...
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- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
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