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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, 15 July 10
IRON ORE PRICING MECHANISMS PUT ON THE SPOT
THE new iron ore pricing mechanisms that killed off the annual benchmark system are coming under pressure. The spot price of the steel feed has fall ...
Thursday, 15 July 10
NTPC TO PURSUE COAL MINE ACQUISITION IN AUSTRALIA, INDONESIA - BUSINESS STANDARD
Business-Standard reported that, NTPC, the India’s largest power producer, has set the ball rolling to acquire coal mines or form joint ventur ...
Wednesday, 14 July 10
SUCCESSFUL COMMISSIONING OF GTLE LOW RANK COAL UPGRADING PLANT
COALspot.com: GTL Energy Ltd (GTL Energy) announced that construction and commissioning of its proprietary ‘first-of-a-kind’, low rank c ...
Tuesday, 13 July 10
BUMI TO PRODUCE MORE THAN 67 MILLION TONS OF COAL IN 2010
COALspot.com: Bumi resources, Indonesia’s largest coal producer has previewed its operating results in KPC/Arutmin for Jan – Jun 2010. A ...
Tuesday, 13 July 10
FURTHER LOSSES FOR BALTIC DRY INDEX ON HIGH VESSEL SUPPLY
The dry bulk market can’t catch a breath, as it has now entered the 7th straight week of losses. The industry’s benchmark, the Baltic Dr ...
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- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Minerals Council of Australia
- Cement Manufacturers Association - India
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
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