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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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Wednesday, 28 October 09
INVESTMENT IN MINING SECTOR HAMPERED BY LATE REGULATIONS
The Jakarta Post reported that, Indonesia may have to wait for a potential massive inflow of new investment into the mining sector due to delays in ...
Tuesday, 27 October 09
CHINA'S SEPT. COAL IMPORTS RISE AS ECONOMY RECOVERS
Bloomberg reported that, China, the world’s largest coal user and producer, increased imports of the fuel in September to meet rising domest ...
Monday, 26 October 09
DARWIN EYES PRIVATE INVESTMENT
The Jakarta Post reported that, the new energy and ministerial resources minister, Darwin Zahedy Saleh, has set his sights on accelerating the reali ...
Sunday, 25 October 09
THE FUTURE FREIGHT MARKET IS EXPECTED TO HAVE POSITIVE DIRECTION - VISTAAR
COALspot.com (Singapore): According to Vistaar Shipping an experienced ship operator in Singapore, the BDI shot up this week (19-24 October) by abou ...
Saturday, 24 October 09
NTPC SEEKS ALTERNATE COAL SUPPLY FOR KAHALGAON
State-run NTPC is looking at alternate sources of coal to fire its Kahalgaon (Bihar) and Farakka (West Bengal) and power stations, which are facing ...
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- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
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- Merrill Lynch Commodities Europe
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- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
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- Oldendorff Carriers - Singapore
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- MS Steel International - UAE
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- TNB Fuel Sdn Bhd - Malaysia
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- PTC India Limited - India
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- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Marubeni Corporation - India
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- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
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- Indian Energy Exchange, India
- Mjunction Services Limited - India
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- Sindya Power Generating Company Private Ltd
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- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
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- Mercator Lines Limited - India
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- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
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- Jaiprakash Power Ventures ltd
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- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
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- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
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- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
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- Australian Coal Association
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- Economic Council, Georgia
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- Borneo Indobara - Indonesia
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- Port Waratah Coal Services - Australia
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- Indonesian Coal Mining Association
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- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
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