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Thursday, 29 July 10
GOVT TOO OPTIMISTIC ON IRON, COAL PRICE
 Federal government forecasts of continued strength in iron ore and coal prices, which underpin revenue expectations for the proposed new mining tax, are too optimistic, analysts say The forecasts underpin the government's expectation of $10.5 billion in revenue from the proposed Mineral Resources Rent Tax over the first two years of its implementation from 2012/13.
Gavin Wendt, senior resources analyst for research firm Mine Life Pty Ltd, said the outlook for thermal coal prices was positive but there was a potential for iron ore prices to fall.
Mr Wendt said government forecasts of decades of iron ore and coal sector growth were "wildly optimistic".
"That's the problem with the tax."
While demand continued to grow for thermal coal, which is used in power generation and is in short supply, the coking coal price was tied to the iron ore price due to its role in steelmaking.
Mr Wendt said demand for iron ore was still very strong but supply was starting to catch up as existing mines expanded and new mines opened to take advantage of several years of high prices.
"I'm still very bullish on demand for iron ore ... which will remain strong because steel production will remain strong," he said.
"But there's no shortage of iron ore.
"It's just a matter of how quickly operations get developed.
"Pricing is probably close to its peak, which means we're slowly starting to see the price tail off.
"The bottom is not going to fall out of the iron ore market but the government is being optimistic when it suits them."
Research and consulting firm Wood Mackenzie says the government won't get any additional revenue from coal if prices fall to levels seen just a few years ago.
The government is expected to fund a one per cent reduction in the corporate tax rate with revenue from the new mining tax, reported by
If coal prices remain strong, coal miners will pay an additional $7.4 billion, or eight per cent in government take over the first five years of the tax, Wood Mackenzie head of coal supply research Gero Farruggio said.
Mr Farruggio said coal miners were already battling strong cost inflation and falling productivity.
"Traditionally Australia is viewed as a low-cost exporter, but in our 2010 global thermal coal export cash cost (of production) rankings it is well down the table in sixth place," he said.
"Indonesia dominates the ranking tables with the largest thermal coal production and lowest average cash cost.
"In contrast to Australia, it (Indonesia) has moved to reduce the level of government take from coal production."
Source: Nine Msn / Hellenic Shipping
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Friday, 23 July 10
THE PANAMAX MARKET HAS CONTINUED ITS SLOW CLIMB - FEARNLEYS
Handy
Continued flat Atlantic markets and over-supply of tonnage across all segments on spot basis. Nevertheless there is more fresh enquiry on Co ...
Friday, 23 July 10
KPMG INDIA FACES COAL DEFICIT OF 50% OF EXPECTED POWER PLANT DEMAND, SAYS - BLOOMBERG
Bloomberg reported that, India may face a coal shortfall of 189 million metric tons a year by 2015, about 50 percent of the power sector’s exp ...
Thursday, 22 July 10
BERAUS IPO NEXT MONTH CAN BECOME THE LARGEST THIS YEAR - THE JAKARTA POST
The Jakarta Post reported that, Indonesia’s fifth largest coal miner PT Berau Coal Energy Tbk will launch its initial public offering (IPO) ne ...
Thursday, 22 July 10
DRY BULK MARKET EDGES HIGHER, BUT RECOVERY IS SLOW
The dry bulk market’s recovery, which started last Friday has sustained its momentum thus far, but the pace of it seems to be an agonizing one ...
Wednesday, 21 July 10
CHARTER RATES FOR BIG SHIPS GO INTO FREEFALL
It is reported that concerns over the slowdown in the mainland construction sector posturing over ore price negotiations and a general summer slowdo ...
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- Parliament of New Zealand
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- Global Coal Blending Company Limited - Australia
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- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
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- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
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- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
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- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Energy Development Corp, Philippines
- Romanian Commodities Exchange
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- Rio Tinto Coal - Australia
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- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Star Paper Mills Limited - India
- Planning Commission, India
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- Posco Energy - South Korea
- Indonesian Coal Mining Association
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- Jindal Steel & Power Ltd - India
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- Indian Oil Corporation Limited
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- Bhatia International Limited - India
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- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
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- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
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- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
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- Medco Energi Mining Internasional
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- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
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