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Monday, 17 August 09
CHINESE COAL PURCHASE COULD START A TREND


ABC Rural reported that, The takeover of a major Australian coal mining company by Chinese-owned Yanzhou has raised fears coal markets could be dominated by China.

Felix Resources owns coal projects in New South Wales and Queensland.

Gavin Wendt, from broker Fat Prophets, says if the takeover is approved, it could be the first of many similar acquisitions by China.

"This is probably the tip of the iceberg," he says.

"There's going to be more takeovers, so if they allow this one to happen we could see a situation where most of Australia's independent coal producers disappear rather rapidly, and the Chinese will be in some position to perhaps start influencing coal pricing."
Source:
ABC Rural



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Recent News

Thursday, 24 September 09
ANGLO EYES DOUBLED METALLURGICAL COAL OUTPUT BY 2018
Mining group Anglo American could double its production of coal used for steel making by 2018 if all of its unapproved projects went ahead, the comp ...


Thursday, 24 September 09
S.KOREA HYUNDAI STEEL TO BUY COAL FROM SIBERIA
Reuters reported that, South Korea's Hyundai Steel said on Wednesday it will buy a maximum of 300,000 tonnes of coal per year from Siberian Anthrac ...


Thursday, 24 September 09
NO IMPORTED COAL-BASED UMPPS: TATA POWER
Will wait until policy environment becomes more favourable. Business Standard reported that, Tata Power Company (TPC), India’s largest priv ...


Thursday, 24 September 09
BUMI RAISES $1.9 BILLION SELLING DEBT TO CHINA'S CIC
Bloomberg reported that, PT Bumi Resources, Indonesia’s biggest coal producer, said it raised $1.9 billion selling debt to China’s sover ...


Thursday, 24 September 09
MACQUARIE DOWNGRADES U.S. COAL SECTOR TO NEUTRAL
Reuters reported that, Macquarie Research downgraded the U.S. coal sector to "neutral" from "overweight" as it believes that dem ...


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