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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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Saturday, 07 August 10
INDIAN COAL IMPORTS WILL PLAY AN IMPORTANT PART IN KEEPING THE FREIGHT MARKET FIRM IN FUTURE - VISTAAR
COALspot.com: The freight market was volatile with market ending firmed and the BDI crossing 2000 points up by 3 pct, however the BCI was up by 14 p ...
Friday, 06 August 10
KRISHNAPATNAM PORT WINS NON MAJOR PORT AWARD 2ND TIME IN A ROW
COAlspot.com ( Press Release) Krishnapatnam Port, the world-class port on the Indian horizon, took the top honors for the second time in a row, in t ...
Friday, 06 August 10
POLANDS KOPEX GROUP DEVELOPS COAL MINE IN INDONESIA
Polishmarket reported that, Polish mining concern Kopex Group, , is to build the first in Indonesia mechanised underground coal mine. The group is c ...
Thursday, 05 August 10
MORATORIUM MAY HURT NEW PROJECTS: MINING GROUP
The government’s proposed two-year moratorium on issuing new concessions to convert forests and peatlands to other uses may hinder new mining ...
Thursday, 05 August 10
IRON ORE EXPORT BAN COMPOUNDS PROBLEMS OF INDUSTRY - BUSINESS STANDARD
Forex loss of Rs 300 crore (US$ 65.63 million) ; truckers, ports, Railways bear the brunt
The Karnataka government’s move to ban the export ...
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- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- White Energy Company Limited
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
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