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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 $10.”
MF Global said the coking coal market appeared more balanced than iron ore, because China was not such a major factor.
The firm said: “Japan is the largest destination (35%) followed by India (20%), China (10%) and Europe (10%).
“The more balanced spread is positive when compared to the concentrated risk of the iron ore market, particularly if there is to be a more balanced global economy in 2010.
“In the longer term, demand will be driven by India and Brazil which are long (on) iron ore but short coking coal. “
Turning to the supply side, MF Global pointed out this was dominated at present by Australia which accounted for 70% of the seaborne trade in coking coal. However, supply growth from that country was constrained by logistics problems.
About 85% of the metallurgical coal exports from Australia are shipped from the state of Queensland, but MF Global pointed out port capacity has been operating at around 70% to 80% for the past five years.
The report stated: “In Queensland, the rail network is underdeveloped and congestions are frequent. System underperformance has resulted in lost sales and increased demurrage. “The queues of ships that can sometimes stretch as long as 70 in number and can wait for over a month to be loaded, are nearly always caused by rail congestion rather than the port facility itself.”
Source: Mining Mx / Hellenic Shipping
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Friday, 28 May 10
INDIAS NEYVELI LIGNITE EYEING INDONESIA, SOUTH AFRICA COAL MINES
Integrated mining and power producer Neyveli Lignite Corporation Thursday said it is exploring possibilities for buying coal mines in Indonesia and ...
Friday, 28 May 10
ADARO ACQUIRES 25% ICP AT US$ 335 MIO
Indonesia's second largest thermal coal miner PT Adaro Energy Tbk (ADRO) today announces formation of new joint venture for Indonesian Coal Project ...
Thursday, 27 May 10
KPCL IS LOOKING FOR 0.50 MLN TON TO IMPORTED STEAMING COAL FOR RAICHUR THERMAL POWER STATION
COALspot.com: KARNATAKA POWER CORPORATION LIMITED, India invited from reputed parties meeting the pre qualifications stipulated for the import ...
Thursday, 27 May 10
TNPL TO BUY 0.240 MLN TON NON-COKING COAL FOR SECOND HALF OF 2010
COALspot.com: Tamil Nadu Newsprint and Papers Limited (TNPL), would like to procure 0.24 mln MT of imported Non-Coking Coal in 6 Shipments of about ...
Thursday, 27 May 10
DRY BULK RATES REACH 2010 HIGHS, BUT FUTURE REMAINS UNCERTAIN
This week is proving to be a milestone for the dry bulk market, as the Baltic Dry Index has propelled itself at never before seen levels for 2010. Y ...
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- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Planning Commission, India
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- MS Steel International - UAE
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- The University of Queensland
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Australian Coal Association
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- SMC Global Power, Philippines
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