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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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Tuesday, 01 June 10
LANCO INFRATECH PLANS POWER PROJECTS IN COASTAL REGIONS
My digital reported that, Hyderabad-based Lanco Infratech will set up power projects in coastal regions based on imported coal. The company is ...
Monday, 31 May 10
NEWCASTLE WEEKLY EXPORTS RISE; SHIP QUEUE SHORTENS
Business week reported that, Coal shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel used in powe ...
Saturday, 29 May 10
FREIGHT MARKET SEEMS TO BE STABILIZING - CAPT. REDDY
COALspot.com: The week was clearly for Cape which went up by almost 21 pct . The BDI was up only by 6 pct.
The other sectors were under pressure ...
Friday, 28 May 10
BERAU COAL GROUP SEEKS US$ 700 M LOAN
PT Bukit Mutiara has decided to revise down its bond issue from US$600 million to US$400 million. In total, it is seeking US$700 million of debt, co ...
Friday, 28 May 10
CHINESE BAN TO HIT INDIAN IRON ORE EXPORTS
Nearly half of India's iron ore exports to China are in serious danger of being wiped out. The local government has imposed a ban on import of low ...
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- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- White Energy Company Limited
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
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