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Saturday, 17 July 10
BULLISH OUTLOOK FOR COKING COAL - MINING MX & HELLENIC SHIPPING
 Mining Mx reported that, the coking coal market has better long-term fundamentals than the iron ore market, according to a recent research report by financial institution MF Global. The report highlighted the potential of Mozambique and Mongolia to be “potential game changers” on the supply side - but only from 2015 and “conditional on infrastructure”.
As a result of its concern over the provision of the required infrastructure, MF Global has turned bearish on prospects for Australian junior Riversdale Mining which is developing two major coking coal projects near Tete in Mozambique.
These are the Benga project, in which Indian steel group Tata holds a 35% stake, and the Zambeze project, in which Chinese group Wuhan Iron and Steel Corporation has just agreed to buy a 40% stake.
Riversdale has also struck a logistics partnership agreement with China Communications Construction Company.
This company will carry out a “mine to ship logistics” study into the export of large volumes of coal from Mozambique, which at present suffers severe limitations on its rail and port infrastructure.
On Thursday, Riversdale announced a capital raising of A$337m at a fixed offer price of A$9.40 a share to accelerate the development of stages two and three of the Benga project.
Riversdale chairman Michael O’ Keeffe said the accelerated logistics development also included “Riversdale’s commitment to upgrading the existing coal terminal at Beira, for which Riversdale has entered into a memorandum of understanding with Vale and the Mozambique rail and port authority CFM.”
MF Global has put out a sell recommendation on Riversdale, on the grounds that the market “is expecting too much too soon”.
The firm said: “The risk/reward profile on offer is actually about long-term infrastructure development and financing.
“Given the recent share price moves, we believe the market is already pricing in quite an optimistic outcome on this front, particularly when compared to a number of producing companies where resource optionality isn’t being valued at all.
“The infrastructure demands are challenging and we expect disappointments. Riversdale’s production targets are conditional upon a significant amount of infrastructure being developed and allocations being received.
“Investors without a very long-time horizon and specialist interest in development risk would be best taking profits above $10.”
MF Global said the coking coal market appeared more balanced than iron ore, because China was not such a major factor.
The firm said: “Japan is the largest destination (35%) followed by India (20%), China (10%) and Europe (10%).
“The more balanced spread is positive when compared to the concentrated risk of the iron ore market, particularly if there is to be a more balanced global economy in 2010.
“In the longer term, demand will be driven by India and Brazil which are long (on) iron ore but short coking coal. “
Turning to the supply side, MF Global pointed out this was dominated at present by Australia which accounted for 70% of the seaborne trade in coking coal. However, supply growth from that country was constrained by logistics problems.
About 85% of the metallurgical coal exports from Australia are shipped from the state of Queensland, but MF Global pointed out port capacity has been operating at around 70% to 80% for the past five years.
The report stated: “In Queensland, the rail network is underdeveloped and congestions are frequent. System underperformance has resulted in lost sales and increased demurrage. “The queues of ships that can sometimes stretch as long as 70 in number and can wait for over a month to be loaded, are nearly always caused by rail congestion rather than the port facility itself.”
Source: Mining Mx / Hellenic Shipping
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Wednesday, 11 August 10
CAPESIZE MARKET ON RECOVERY MODE
The dry bulk market, usually dormant in August, has returned on a high note this week, after last week’s gains. Monday proved to be rather buo ...
Wednesday, 11 August 10
BANPU SECURES TAKEOVER LOAN - BANGKOK POST
Bangkok Post reported that, Banpu Plc, Asean's largest coal miner, has secured loans worth US$2 billion from Thai and foreign banks to proceed with ...
Tuesday, 10 August 10
KOREA'S EWP TO BUY 4 MILLION TON OF 3700 AND 4600 NAR COAL AT FIXED PRICE
COALspot.com: Korean utility East-West Power out with the tender to buy 0.670 million tons with a minimum calorific value of 4600 NAR and 0.350 mill ...
Tuesday, 10 August 10
COAL CONSTRAINS CORE SECTOR GROWTH IN JUNE 2010
Growth in the six key infrastructure sectors decelerated for the third month in June. This is primarily due to last year’s high base effect. D ...
Sunday, 08 August 10
SOUTH AFRICA INCREASES COAL EXPORTS TO INDIA BY 74% IN JULY, TRADER SAYS
South Africa’s Richards Bay, the continent’s largest coal terminal, increased sales to India by 74 percent in July from June, according ...
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- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
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