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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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Wednesday, 22 July 09
TAIPOWER RECEIVES 37 OFFERS IN TENDERS
State utility Taiwan Power has received offers for 37 panamax cargoes of bituminous and sub-bituminous coal in two tenders involving 12 panamax ship ...
Wednesday, 22 July 09
PRIME MINISTER APPROVAL SOUGHT TO HIKE COAL PRICES IN INDIA
PTI reported that decrying the low prices of the industrial fuel, the coal ministry will approach Dr Manmohan Singh PM of India next month for raisi ...
Tuesday, 21 July 09
BHATIA SAYS GETS ORDER FOR 800,000T COAL FROM KPCL
Reuters reported that, Indian traders Bhatia received on Tuesday a purchase order for 800,000 tonnes thermal coal at $63.00 C&F from Karnataka P ...
Tuesday, 21 July 09
NZ'S PIKE RIVER SAYS SELLS COAL AT $128 PER TONNE
Reuters reported that, New Zealand miner Pike River Coal said on Tuesday it had sold its premium hard coking coal at $128 a tonne for the curr ...
Tuesday, 21 July 09
NEWCASTLE COAL EXPORTS FALL 5%, SHIP QUEUE INCREASES
Bloomberg reported that, Coal shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel, fell 5 per ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Planning Commission, India
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
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- Global Business Power Corporation, Philippines
- The University of Queensland
- Economic Council, Georgia
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- Tata Chemicals Ltd - India
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- Sakthi Sugars Limited - India
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- Vizag Seaport Private Limited - India
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- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
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- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
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- Kideco Jaya Agung - Indonesia
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- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
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- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
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- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
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- Bharathi Cement Corporation - India
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- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
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- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
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- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Parliament of New Zealand
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- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
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- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
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- Ministry of Finance - Indonesia
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- Timah Investasi Mineral - Indoneisa
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- CNBM International Corporation - China
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- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
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- Chamber of Mines of South Africa
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- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
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