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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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Thursday, 05 August 10
DRY BULK LOOKING TO CHINA FOR A NEW RALLY, BUT INDIA COULD BE THIS YEAR'S SURPRISE
The dry bulk market’s rebound has hit a “wall” this week, with the industry’s benchmark, the BDI (Baltic Dry Index) ending i ...
Wednesday, 04 August 10
MALAYSIA'S AGATE GROUP TIES UP WITH INDIA'S ECOGREEN TO DEVELOP COAL BUSINESS
COALspot.com: "Malaysian based AGATE Group had entered into an agreement with India's EcoGreen to jointly develop coal business in India ...
Wednesday, 04 August 10
ADARO PRODUCED 21.62 MILLION TONS OF COAL IN 1H 2010
COALspot.com: “Adaro Energy’s production volume during the second quarter of 2010 was 10.26 million tones and for the first half of 2010 ...
Wednesday, 04 August 10
CIL TO TAKE UP NEW PROJECT TO MEET INCREASED DEMAND OF COAL
As part of Annual Plan 2010-11, Planning Commission has projected all India demand of coal 656.31 Million Tonnes against which the indigenous supply ...
Tuesday, 03 August 10
INDONESIA CONSIDERING RUPIAH DENOMINATION
The jakarta post reportd that, the central bank is deliberating a potential Rupiah denomination in light of decreasing exchange rate valuations agai ...
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- Coal and Oil Company - UAE
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
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