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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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Monday, 07 June 10
SOUTH AFRICA COAL STAYS NEAR 18-MONTH HIGH ON EUROPEAN DEMAND - BLOOMBERG
Bloomberg Reported that, Prices for coal shipped from South Africa’s Richards Bay, the continent’s biggest export facility for the fuel, ...
Sunday, 06 June 10
THE DOWNWARD TREND FOR S6 AND S7 ROUTE IS LIKELY TO CONTINUE NEXT WEEK - VISTAAR
COALspot.com: "This seemed market heading for corrections with all sectors down", said, Capt. Reddy, MD of Vistaar Shipping Singapore, an ...
Sunday, 06 June 10
STEAM COAL MAY BECOME NEXT BOOMING COMMODITY IN AUSTRALIA - DB
Deutsche Bank predicts that thermal coal could become Australia's next booming commodity. The German investment bank's global thermal coal team ex ...
Friday, 04 June 10
INDO/INDIA AROUND THE MID 20'S LEVEL AND MID TO HIGH 20'S INDIA/CHINA
Handy
After a quiet end to last week, the Atlantic handysize market continued&nb ...
Thursday, 03 June 10
INDO GOVERNMENT TRIES TO CALM BUSINESSES FEARS OVER FOREST - CLEARING MORATORIUM
The Jakarta Globe reported that, as producers of coal and palm oil continued to howl, the government on Tuesday offered reassurances that the develo ...
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- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Eastern Coal Council - USA
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
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