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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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Friday, 16 July 10
CHINA EXPORTS 10.14 MILLION TONNES OF COAL IN H1 OF 2010
China exported 10.14 million tonnes of coal in the first half of this year, down 13.1% compared with the corresponding period of last year, accordin ...
Thursday, 15 July 10
SMC TO PURSUE MINDANAO COAL MINING PROJECTS
Philippine Daily Inquirer reported that, DIVERSIFYING CONGLOMERATE San Miguel Corp. is inclined to pursue its coal mining projects in Mindanao ...
Thursday, 15 July 10
ADANI ENTERPRISES WILL BUY $1 BILLION COAL MINE FROM LINC ENERGY - TOP NEWS
Top News reported that, Adani Enterprises has almost managed to obtain a coal mine from Linc Energy for $1 billion in Queensland, Australia. This mi ...
Thursday, 15 July 10
ADANI TO DEVELOP COAL EXPORT TERMINAL IN AUSTRALIA - BUSINESS STANDARD
Business-Standard reported that, The Adani Group, promoter of Mundra Port and Special Economic Zone (MPSEZ), today said it has been selected as the ...
Thursday, 15 July 10
NO IMPROVEMENT IN THE DRY BULK MARKET - INTERMODAL
Broker’s insight
With the Baltic Dry Index today (13/7/2010) standing at 1,790 points - the lowest point since early May 2009 - ...
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- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Planning Commission, India
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- White Energy Company Limited
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
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