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Wednesday, 25 November 09
CSN TO BUY RIVERSDALE STAKE TO BOOST COAL SUPPLIES
 Cia. Siderurgica Nacional SA plans to buy 16.3 percent of Australian coal-exploration company Riversdale Mining Ltd. for about A$190.5 million ($175.4 million) as it seeks greater control over raw materials.
The board of Brazil’s third-largest steelmaker approved an initial purchase of 28.8 million Riversdale shares, and CSN aims to buy an additional 2.48 million shares following Australian regulatory approval, the company said today in a statement. Rio de Janeiro-based CSN will pay A$6.10 for each share, 6.6 percent more than today’s closing price in Australian trading.
CSN said the acquisition is the “first step” toward becoming self-sufficient in coal as it seeks to control costs. CSN, which has the capacity to produce 5.6 million metric tons of crude steel a year, imports all its coal now. Metallurgical coal is used as a raw material in blast furnaces at CSN’s Volta Redonda crude-steel mill in Brazil.
“Coal is the only raw material CSN doesn’t have,” Flavia Ferreira, a company spokeswoman in Sao Paulo, said today in a telephone interview.
CSN initially wants to get metallurgical coal from Riversdale and possibly thermal coal for its power plants, Ferreira said.
CSN’s Strategy
The acquisition reinforces CSN’s strategy to supply its own raw materials and services “with stakes in iron ore, logistics, tin mining and now coal,” Ida Breyer, a Credit Suisse AG analyst in Sao Paulo, said in a note to clients.
Tata Steel Ltd., India’s biggest steelmaker, owns about 19 percent of Sydney-based Riversdale. Other shareholders include Oppenheimer Funds and Barclays Capital, according to Bloomberg data. Tata said Oct. 30 it was seeking thermal coal from Riversdale’s Mozambique mine for its power unit.
Benga, a project between Riversdale and Tata in Mozambique, will produce about 1.7 million tons of metallurgical coal and 300,000 tons of thermal coal starting in 2010, Riversdale said Oct. 28 in a statement to the Australian stock exchange. The mine may be expanded to 3.3 million tons of metallurgical coal and 2 million tons of thermal coal by 2014, Riversdale said.
CSN fell 0.8 percent to 59.37 reais in Sao Paulo trading today. The stock has more than doubled this year, more than the 79 percent gain for Brazil’s benchmark Bovespa index.
Source: Bloomberg
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Thursday, 04 February 10
RI TO GRADUALLY STOP COAL EXPORTS
Indonesia, which over the past few years has become the world`s third largest coal exporter after Australia and China, is planning to gradually stop ...
Thursday, 04 February 10
NO AMDAL, NO COAL MINING IN KALIMANTAN: MINISTRY
To prevent further environmental damage, the government has said it would revoke the licenses of mining firms operating in Kalimantan that do not ha ...
Thursday, 04 February 10
ANTICIPATING DOMESTIC COAL DEMAND
Indonesia has an abundant amount of coal reserves, which in 2008 is estimated at 7,12 billion tones. Coal production in 2008 reached 231,18 mi ...
Wednesday, 03 February 10
CHINA'S MAIN COAL PRICES FALL AS WINTER DEMAND EASES
Weekly coal prices at China's Qinhuangdao port, a benchmark in the world's biggest producer and consumer of the fuel, fell for the first time in s ...
Wednesday, 03 February 10
NEWCASTLE COAL EXPORTS RISE 3%; SHIP QUEUE SHORTENS
Coal shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel, increased 3 percent last week while the ...
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- Tamil Nadu electricity Board
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- Billiton Holdings Pty Ltd - Australia
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- Romanian Commodities Exchange
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- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
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- European Bulk Services B.V. - Netherlands
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- New Zealand Coal & Carbon
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- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
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- Bangladesh Power Developement Board
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- Leighton Contractors Pty Ltd - Australia
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- Australian Coal Association
- Siam City Cement PLC, Thailand
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- Africa Commodities Group - South Africa
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- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
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- Straits Asia Resources Limited - Singapore
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- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- White Energy Company Limited
- Renaissance Capital - South Africa
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- Energy Link Ltd, New Zealand
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- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- ASAPP Information Group - India
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- Miang Besar Coal Terminal - Indonesia
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- Georgia Ports Authority, United States
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- Global Business Power Corporation, Philippines
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- Orica Australia Pty. Ltd.
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- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Indian Energy Exchange, India
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- Pipit Mutiara Jaya. PT, Indonesia
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- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
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- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
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- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
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- The State Trading Corporation of India Ltd
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- Directorate Of Revenue Intelligence - India
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- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
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- Australian Commodity Traders Exchange
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- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- McConnell Dowell - Australia
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- Sarangani Energy Corporation, Philippines
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- Chamber of Mines of South Africa
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- Minerals Council of Australia
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- Toyota Tsusho Corporation, Japan
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- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
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