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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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Tuesday, 07 July 09
Q+A - INDONESIA MINING SECTOR FACES ELECTION RISKS - REUTERS
Indonesia has struggled to lure foreign investment to its mining sector in recent years, and the nationalist line on resource exploitation taken by ...
Tuesday, 07 July 09
INDIKA ENERGY COMPLETES THE ACQUISITION OF PETROSEA
TAMBANG reported that, PT Indika Energy, Tbk has officially announced that it has completed the acquisition of PT Petrosea, Tbk. from Clough Interna ...
Tuesday, 07 July 09
RUSSIAN AUDITORS ATTACK COAL EXPORTERS OVER PRICING
Russia's budget is losing substantial revenues because the country's exporters ship coal overseas at artificially low prices through various offsh ...
Tuesday, 07 July 09
RBCT COAL EXPORTS TO REMAIN BELOW CAPACITY IN 2009
Coal volumes railed to South Africa’s Richards Bay Coal Terminal are continuing to fall far short of the corridor’s nameplate yearly cap ...
Tuesday, 07 July 09
TATA POWER AID THE INDONESIAN COAL MINES
BL reported that Mr Prasad Menon MD of TATA Power aid the Indonesian coal mines PT Kaltim Prima Coal and PT Arutmin Indonesia in which TATA Power ha ...
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- CNBM International Corporation - China
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- Siam City Cement - Thailand
- PTC India Limited - India
- Minerals Council of Australia
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- Karbindo Abesyapradhi - Indoneisa
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- Central Electricity Authority - India
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- London Commodity Brokers - England
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- Parliament of New Zealand
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- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
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- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Mintek Dendrill Indonesia
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- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
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- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
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- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
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- Bukit Asam (Persero) Tbk - Indonesia
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- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
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- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
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- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
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- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
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- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Eastern Coal Council - USA
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- Semirara Mining Corp, Philippines
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- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
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- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
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- Planning Commission, India
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- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
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- Formosa Plastics Group - Taiwan
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