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Tuesday, 01 September 09
GLOBAL COAL PRICES UNDER PRESSURE AS CHINESE PROVINCE RETURNS TO THE PRODUCTION FRAY - REUTERS
 China is set to return to role of coal exporter as the deadline for thousands of small coal mines in its Shanxi province to reopen after being shut in an attempt to consolidate the sector expired.
A major prop for global coal prices this year quietly expired at midnight on Monday, the deadline for small, dangerous mines in China's top producing province to merge into larger operators.
But analysts warn not to expect a quick supply filip after the Aug. 31 deadline for mines in Shanxi to join forces to be allowed to reopen, as the process of consolidation and continued pressure on the sector's appalling safety record constrains output.
Shutdowns in Shanxi earlier this year were a lucky break for coal suppliers in Australia, Indonesia and Vietnam, helping turn China into a net importer just as the global financial crisis demolished demand from other countries.
Now the province, source of 25% of China's coal, is poised to let many small mines reopen.
But a recent fatal explosion at a mine in Shanxi underlines that progress on safety is far from assured, while mines may be slow to return to normal production after the enforced mergers.
"Signing a framework agreement for a merger is much easier than actually finalising the price of the deal," said Wang Ye, an analyst at CITIC Securities. "It's easy to get engaged, but marriage is a totally different matter."
Small mines contribute roughly a third of Shanxi's coal output. For coking coal, the more valuable grade used by steelmakers, small mines contribute even more, as most coking coal resources are controlled by small mines, analysts said.
As the consolidation drive got underway after a major mine blast in late February, production from Shanxi failed to show the typical sharp recovery from the Lunar New Year holiday trough.
Output for Shanxi in the first seven months of 2009 fell by 12%, or 42 million tonnes, to 318 million tonnes -- a decline almost equal to the huge rise in imports that flipped China from a net exporter to a major net buyer of coal.
The world's top producer and consumer shipped in a net nearly 50 million tonnes of coal in the seven months to July, compared with 4.7 million tonnes of net exports in all of 2008.
"The major bullish case for thermal coal from a China perspective has been the supply constraints in Shanxi," said Scotia Capital China strategist Na Liu in a note to clients.
But with the mergers now having taken place, this bullish factor for global markets could be removed.
The shutdowns hit Shanxi hard, making it the only province to see its economy shrink in the first half of this year. That could prompt local officials to take a more lenient view of restarts at small mines, which make up 80%of the province's total.
One of China's top power producers, Huadian, expects Shanxi to produce 400 million tonnes of coal in the second half of the year, about 60% more than in the first half of the year and about 17 percent up from the same months of 2008.
If that proves accurate, Shanxi would pump enough coal into the Chinese market to deflate the appetite for imports. Liu said a third of Shanxi's output would be coking coal, so the impact would not be confined to the thermal coal market.
While the pace of output in Shanxi has been picking up since its low in January, it's not clear that this can be maintained.
"The fast growth we've seen in the past few months is not going to be sustainable," said Pierre Lau, a Citigroup analyst.
In the short term, the central government may keep a lid on further expansion before the Oct. 1 anniversary of the founding of the People's Republic of China, Lau added.
"Safety will be the focus before Oct. 1. I won't be surprised to see growth in Shanxi's coal output slow down a bit," he said.
CONSOLIDATION TO TAKE TIME
The hilly province in China's north, occupying less than 2 % of the country's territory, produced a quarter of China's coal in 2008. As well as a soot-blackened landscape and mine blasts that kill dozens or more every year, the booming coal industry has created a class of newly rich Chinese, conspicuous in their Hummers and Mercedes.
But standards have yet to show much improvement. Last week, an explosion at a mine being built in Shanxi killed 14 miners just as China launched a month of nationwide safety inspections.
"The accident will definitely affect small mines and those mines currently under construction," said an industry official in Shanxi, who expects production restrictions for the next month.
And the crackdown on small mines is not over. Shanxi still wants to cut the number from 2,600 now to 1,000 by end of 2010.
To sift out the smaller, less efficient operators, it will raise the minimum mine shaft capacity to 900,000 tonnes of coal a year, up from 360,000 tonnes today, a government document showed.
In addition, many small mines are expected to go through expansion and upgrading work, which will take as long as a year or two, Lu Ping, an analyst at China Merchants Securities, said.
"At the current stage, big companies are just carving up the province's coal resources."
Big state-owned companies including coal miners and power producers are rushing to buy the small mines. Shanxi Coal Import & Export Group and Shanxi Coal Transportation and Sales Group , which do not yet produce a tonne of coal, both have the ambition of hitting 50 million tonnes a year, local media reported.
Source:MineWeb
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Friday, 28 August 09
JSW MAY BUY AFRICAN MINE FOR US$ 350
The Economic Times Reported that, The Sajjan Jindal-owned JSW Group is in advanced talks to acquire a coal mine in Swaziland, Africa, at an estimate ...
Friday, 28 August 09
COAL INDIA ALLOWED TO IMPORT COKING COAL
The government Thursday allowed the state-owned Coal India to import coking coal and high grade ash thermal coal by acquiring coal properties abroad ...
Thursday, 27 August 09
CIL TO SPEND US$ 1 - 1.5 BN TO ACQUIRE ASSETS IN 4 COUNTRIES
Business Standard reported that, "Coal India is looking to spend $1-1.5 billion in acquiring mining assets in Australia, Indonesia, South Afric ...
Wednesday, 26 August 09
INDIA'S JSW TO DOUBLE JAIGARH PORT CAPACITY TO 20 MT
Sea Trade Asia reported that, JSW Jaigarh Port, a wholly owned subsidiary of JSW Infrastructure & Logistics, plans to double cargo handling capa ...
Wednesday, 26 August 09
JSW ENERGY NEARS COAL-SUPPLY LINKAGE DEAL IN INDONESIA
Sajjan Jindal-owned JSW Energy is close to finalising a coal-supply linkage pact in Indonesia and is also exploring options of acquiring ...
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- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Minerals Council of Australia
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
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