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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 $10.”
MF Global said the coking coal market appeared more balanced than iron ore, because China was not such a major factor.
The firm said: “Japan is the largest destination (35%) followed by India (20%), China (10%) and Europe (10%).
“The more balanced spread is positive when compared to the concentrated risk of the iron ore market, particularly if there is to be a more balanced global economy in 2010.
“In the longer term, demand will be driven by India and Brazil which are long (on) iron ore but short coking coal. “
Turning to the supply side, MF Global pointed out this was dominated at present by Australia which accounted for 70% of the seaborne trade in coking coal. However, supply growth from that country was constrained by logistics problems.
About 85% of the metallurgical coal exports from Australia are shipped from the state of Queensland, but MF Global pointed out port capacity has been operating at around 70% to 80% for the past five years.
The report stated: “In Queensland, the rail network is underdeveloped and congestions are frequent. System underperformance has resulted in lost sales and increased demurrage. “The queues of ships that can sometimes stretch as long as 70 in number and can wait for over a month to be loaded, are nearly always caused by rail congestion rather than the port facility itself.”
Source: Mining Mx / Hellenic Shipping
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Monday, 24 May 10
PAMA TO CLOSE COALS ACQUISITION IN 2010
Insider Stories reported that, Indonesia's largest coal mining contractor PT Pamapersada Nusantara, subsidiary of PT United Tractors Tbk (UNTR), wi ...
Sunday, 23 May 10
SINGARENI LEVIES PREMIUM TO BALANCE COAL DEMAND - BUSINESS STANDARD
Business-Standard reported that, In view of the rising demand for coal, Singareni Collieries Company Limited has recently levied a premium on c ...
Saturday, 22 May 10
THE BRENT CRUDE PRICES WAS SHARPLY DOWN AT US$ 71.72 PER BARREL - VISTAAR SHIPPING
COALspot.com: The freight market was under pressure with the caps size index down by 10 pct with uncertainty in Europe crisis continuing.
The BD ...
Saturday, 22 May 10
PORT CONGESTION IN AUSTRALIA HELPING RATES CHINA COAL IMPORT BOOM TO CUSHION FREIGHT RATES
China's record coal imports this year will provide some support to freight rates but growing pressure from fleet oversupply is set to limit gains. ...
Saturday, 22 May 10
INDUSTRY QUESTIONS STEAM COAL PRICE ANOMALY
Five South Korean utilities have secured a deal for 3.13 million tonnes of Australian thermal coal with a calorific value of 6,080kcal/kg for delive ...
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- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Australian Coal Association
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
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