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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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Tuesday, 27 July 10
INDIA HAS IMPORTED 1.5 MILLION TONS OF COAL LAST WEEK
COALspot.com: Coal imports in Indian ports have reached over 1.5 million tons for the week ended 25 July 2010. According to port agents, aroun ...
Tuesday, 27 July 10
DRY BULK SPOT CARGO DEMAND SHARPLY UP, TRIGGERING RISE IN RATES
Hot on the heels of the dry bulk market’s first weekly gain in almost two months, Monday began on a similar note, with the Baltic Dry Index (B ...
Tuesday, 27 July 10
KANGAROO RESOURCES INKS 297MT COAL RESOURCE FOR TANUR JAYA PROJECT
Kangaroo Resources has reported JORC Code compliant open cut Coal Resources totalling 297 million tonnes for the Tanur Jaya Coal Project in East Kal ...
Monday, 26 July 10
INDONESIAN COAL PRICE REFERENCE FOR JULY 2010 IS US$ 96.65 PER TON FOB VESSEL
COALspot.com: The Directorate General of Mineral, Coal and Geothermal of Indonesia has been publishing a monthly coal price reference (HBA) since Fe ...
Monday, 26 July 10
BHATIA INTERNATIONAL, MIGHT GRAB THE MAJORITY OF COAL SUPPLY ORDER FROM MAHAGENCO
COALspot.com: Maharashtra State Power Generation Co., a provider of electricity to India’s commercial hub Mumbai, has received price bids from ...
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- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
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