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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, 21 July 10
CHARTER RATES FOR BIG SHIPS GO INTO FREEFALL
It is reported that concerns over the slowdown in the mainland construction sector posturing over ore price negotiations and a general summer slowdo ...
Wednesday, 21 July 10
FEWER SHIPS SOLD FOR SCRAP IN JUNE, ADDING PRESSURE TO FREIGHT RATES
The easing of vessel tonnage supply should be among the main concerns among ship owners, especially those active in dry bulk shipping. The reason is ...
Wednesday, 21 July 10
BUKIT ASAM SEALS RP900 BIO COAL DEAL
Souce: Insider Stories
Insider Stories reported that, State-Owned coal producer PT Tambang Batubara Bukit Asam Tbk (PTBA) have agreed t ...
Wednesday, 21 July 10
TUAH TURANGGA BUYS ABP US$ 15.9 MIO
Source: Insider Stories
Insider Stories reported that, Komatsu heavy equipment PT United Tractors Tbk (UNTR) through its wh ...
Tuesday, 20 July 10
CHINA'S RELIANCE ON COAL TO DROP 7% BY 2015 - XINHUA NET
Xinhua Net reported that, China's coal consumption is likely to drop to 63 percent of total energy consumption by 2015, down from 70 percent last y ...
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- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- The University of Queensland
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
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