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Friday, 28 August 09
COAL MINE BUYERS DUST OFF THEIR CASH ( ANALYZED BY REUTERS)
 * Coal asset buyers give up waiting for bargains
* Mining majors expected to buy not sell
* South Africa a target, Indonesia less so
By Jackie Cowhig
Sales of coal mines across the globe will quicken now that end users and traders, particularly from India, rush to buy before prices start to turn higher.
The bonanza of coal mine sales forecast early this year failed to materialise because prices did not drop as sharply as buyers hoped, said analysts and companies chasing coal assets.
"Towards the end of this year and next year I think you'll see more deals done," said Peter Doyle, Head European Coal Consulting firm Wood Mackenzie. "On the M&A front I think the market has remained relatively subdued, perhaps buoyed by seaborne coal prices not sinking as low as some had forecast."
More metals mines too were expected to change hands.
"Most people are coming round to the view that the worst is over and starting to plan for the future," said Tim Williams, director in mining and metals Ernst & Young.
Mining majors such as BHP Billiton are cash-flush and expected to look more aggressively at buying assets, analysts said.
The value placed by sellers on coal mines has fallen by around 50 percent from $2.00 a tonne during the past 12 months based on proven reserves to $1.00, but this is still more than most buyers would accept.
"The prices asked for second and third-rate mines are probably double, even now, what we'd think is reasonable. But it's now or never," one major coal trader said.
"Even at $1.00 a tonne based on reserves this is expensive but if you take the view, which we do, that we must buy our own mines to secure long-term supply then it is reasonable," said a source at an Indian company firmly on the acquisition trail.
Indian end-users of both coking coal and steam coal have been seeking mines. Jindal Group and Tata have invested in Africa, Indonesia and Australia. Chinese companies are investing all over Africa, although not at the pace expected.
Many traders too around the world who aim to build a coal book of substance are aleady heavily pursuing assets.
Singapore-listed commodity trader Noble Group's purchase of Australia's Gloucester Coal was cited as a good value purchase by rival traders.
Trading giant Vitol Group is to take over Canadian producer Hillsborough Resources Ltd.
Vitol was expected to buy thermal coal mines in key producers during the next few years, industry sources said.
Swiss Glencore remains a giant in the world coal market partly because, its rivals freely admit, it is as much a producer as it is a trader through its ownership of huge, low-cost mines and its stake in Xstrata.
INDONESIA APPEALS LESS, S.AFRICA IS FOCUS
Recent and new entrants to the coal market are struggling to find working mines for sale which are, or have potential to be, large-scale, low-cost and have transport links to ports.
"There are some high-quality coal reserves left in Indonesia not owned by the major players but they are in Central Kalimantan a long way from any river, to move coal to the ports," said an Indian trader trying to buy Indonesian mines.
"And these are small-scale. There's only low-quality reserves left but the costs doesn't work into India," he added.
Indian companies, including Jindal, bought remote Indonesian mining concessions but these became loss-makers when prices for their low energy content coal fell below cash costs.
South Africa is increasingly the focus for Indian traders and end-users.
Jindal Steel & Power part of the Jindal Group in July bought South Africa's Kiepersol mine.
Buyers said they still hoped to find small to medium-sized South African mines at the higher end of the cost curve which may struggle to survive at current prices.
Failing that, some keen buyers said they are looking for undeveloped greenfield coal reserves in Africa which would take up to 10 years and huge investment before generating cash.
"If you take a longer-term view and do expect another commodity boom in several years' time, this kind of investment makes sense," one would-be buyer said.
Source: Forexyard
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Thursday, 06 August 09
CASES FILED AGAINST ESSAR ALGOMA OVER TERMINATED COAL SHIPMENTS
Steel Guru reported that, It is reported that units of International Coal Group Inc and Arch Coal Inc have filed federal lawsuits in the same court ...
Thursday, 06 August 09
COMPULSORY MINE RECLAMATION PROPOSED FOR A MINING'S LIFETIME
Tambang reported that, A data from the Forestry Ministry showed that almost 65 percent of mining activities operated under contract of work, c ...
Thursday, 06 August 09
MINING PERMITS FOR THOSE COMMITTED TO SMELTER DEVELOPMENT ONLY
Tambang reported tht, Concrete and tangible endeavors are key to guarantee the attainment of added value from mining sector. The Indonesian Ministry ...
Thursday, 06 August 09
PRESS RELEASE - CZECH COAL CONTESTS THE J&T AND IPO MERGER
Prague, 3 August 2009 - The Czech Coal Group filed today objections to the proposed merger of the J&T Group and International Power Opatovice (I ...
Wednesday, 05 August 09
SMALLER DRY BULK CARRIERS TO FARE BETTER UNTIL THE END OF 2009 - SHIPPING
Marcor Shipping reported that, Smaller ship types are expected to outtake larger ones in dry bulk trade for the period until the end of the year. Th ...
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- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
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- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
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- Thai Mozambique Logistica
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- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
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- Indian Oil Corporation Limited
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- Planning Commission, India
- Energy Development Corp, Philippines
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- IEA Clean Coal Centre - UK
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- Global Business Power Corporation, Philippines
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- Bhatia International Limited - India
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- The State Trading Corporation of India Ltd
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- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
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- Eastern Coal Council - USA
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- Singapore Mercantile Exchange
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- Commonwealth Bank - Australia
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- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
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- Rio Tinto Coal - Australia
- ASAPP Information Group - India
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- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Mjunction Services Limited - India
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- New Zealand Coal & Carbon
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- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
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- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
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- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
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- Minerals Council of Australia
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- Indogreen Group - Indonesia
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- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
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- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
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- Rashtriya Ispat Nigam Limited - India
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- Binh Thuan Hamico - Vietnam
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- Meenaskhi Energy Private Limited - India
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