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Friday, 09 October 09
STRAITS ASIA INDONESIAN MINE COAL LOADER COLLAPSES
 * New coal loading facility collapsed due to heavy rain
* Older coal loading facility seem unaffected so far
* UBS may cut valuation if disruption last beyond 6-mth
Reuters reported that, Singapore-listed coal miner, Straits Asia Resources, said on Thursday the new coal loading facility at its Jembayan mine in Indonesia's East Kalimantan province has collapsed due to heavy rain.
The company did not say whether there were any casualties.
Straits Asia said it is investigating the extent of damage and the potential impact on the future operation of the newly commissioned facility. It said the facility will not be able to load its coal output for "some time".
UBS said in a research note that it might lower its valuation on the company if the disruption lasts longer than six months.
Straits Asia blamed the collapse on several days of rain in the area, which caused erosion and the failure of the foundation structure of the facility.
The company said the Jembayan mine site operates two load out trains at the mine, and the old facility, with a nominal annual capacity of 5.5 million tonnes, "does not appear to be affected by this event."
"All other mining activities at Jembayan continue to function normally and all reasonable steps are being undertaken to mitigate the impact of this event," the company said in a statement to the stock exchange.
Straits Asia, which exports most of its output to power plants in Japan, Korea, Taiwan and India, plans to boost its production from its two coal mines in East Kalimantan province to 9.5 million tonnes in 2009, from 8.6 million tonnes last year.
UBS analyst Andreas Bokkenheuser said in a note that the company should be able to achieve 8 million tonnes of output this year.
"If the loader won't be operational for another six months, our scenario analysis suggest a 10 percent downside from our current S$2.50 ($1.80) valuation to S$2.25," Bokkenheuser said.
The announcement came after the stock market closed. Straits Asia's shares had finished 1.38 percent higher to end at S$2.21, outperforming the broader market .FTSTI which finished 0.62 percent higher. ($1=1.392 Singapore Dollar)
Source: Reuters
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Monday, 07 September 09
VALE SPENT $300 MILLION AT MOZAMBIQUE COAL MINE
Bloomberg rported that, Vale SA, the world’s biggest iron- ore producer, has so far spent about $300 million of the $1.3 billion investment in ...
Monday, 07 September 09
INDIA MAY BOOST COAL IMPORTS FROM INDONESIA - PLAN JVS
WSJ reported taht, India agreed to study setting up joint ventures with Indonesian companies to acquire coal assets, and look at other means of impo ...
Monday, 07 September 09
INDIAN COAL MAY NOT POWER NEW UMPPS
The Economic Times reported that, bidders for new ultra mega power projects (UMPP) may not get assured coal supplies from domestic mines. As per the ...
Saturday, 05 September 09
THE ECI / CHINA (S7) ROUTE SOFTENED BY ALMOST 12% AND THE CHARTER HIRE WAS AT US$ 16,346 PER DAY - VISTAAR
COALspot.com (Singapore): The dry bulk market continued to be stable with the BDI almost same as last week at 2,415 points.The Panamax index went up b ...
Saturday, 05 September 09
SHANXI AIMS TO MAINTAIN 2009 COAL OUTPUT AT LAST YEAR'S LEVEL
Interfax-China reported that, Shanxi Province, the country's second-largest coal producing region, is aiming to keep its annual coal output a ...
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