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COAL NEWS (COAL)
smiler o
- 09 Jul 2008 13:07
COAL NEWS & PRICES
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smiler o
- 09 Jul 2008 13:11
- 2 of 24
Xstrata sees coking coal prices cross $300 per ton by 2010
October 12, 2007: India's coking coal imports are likely to cross the 35-million-ton mark by 2010, from the 2006-07 level of around 21 million tons. According to a senior official of Xstrata Coal, this might lead to a surge in imported prices to $300 to $350 per ton.
The country's coke import is likely to fall to almost zero level during the next three years, from the current level of slightly more than 5 million tons, as a large number of new coke capacities are likely to come up within the country, general manager (marketing), Xstrata Coal, Gary Beck, said in a presentation at a coal conference organised by McCloskey Group and mjunction services ltd.
Quoting recent reports, industry sources said that spot coking coal (FOB) prices in Australia has touched $150 per ton mark and current CIF price is already over $220 per ton in India.
A fall in coke imports is likely to lead to a spurt in coking coal prices, if past trends are any indication, Beck said. Xstrata Coal has mining interests spread over the US, Australia and South Africa, and has a combined managed coal production of nearly 100 million tons annually.
Of the total managed coal production of Xstrata Coal, the coal wing of Anglo-Swiss miner Xstrata Plc, nearly 83 million tons is steam coal and 14.5 million tons is coking coal.
The company is expecting to sell about 2 million tons of coal in 2007, and expect to maintain this level next year as well, Beck said. "We are looking forward to increasing our sales," he added.
He said India's demand for coking coal, which is used to power steel plants, is rising sharply.
A number of new steel projects are coming up in India, including that of South Korea's Posco and Arcelor Mittal. In addition, almost all domestic steel companies, including Tata Steel, Essar Steel, JSW, JSPL, Ispat Industries and a large number of secondary steel makers, have huge expansion plans in view of rising consumption and fast growing economy that is expected to cause a spurt in import of coking coal by the country.
India's annual steel production is expected to rise to 150 to180 million tons by 2020, from about 49 million tons in the fiscal year ended March 2007.
According to Beck, most of the demand for coking coal in India is likely to come from players other than Vizag Steel Plant and Steel Authority of India Ltd. Till now, SAIL and VSP account for almost half of the country's total coking coal imports. According to a senior official of SAIL, the company is likely to import nearly 13 million tons of coking coal in 2006-07.
Beck explained that the tightness in coking coal supplies is likely to continue at least till 2010 because of infrastructural bottlenecks in Australia as well as Indonesia. There is no immediate prospect of development of connecting link for supplies from countries like Mozambique and Russia, while supplies from Mongolia are likely to remain restricted to Chinese market alone, he added.
Note: Debal Pls cut chart from pg 14 and 15 of gary beck's presentation which is saved somewhere
For Australian infrastructure, Beck feels that the coal chain capacity will remain below port capacity till 2010. He said coal chain capacity in Australia is likely to improve to 348 million tons only by 2010 from 268 million tons at present.
About Indonesia, he said it is not yet sure whether barging limit at Kalimantan will limit export growth, while in Mozambique it is not certain how long it will take to develop rail and port infrastructure that will facilitate movement of coal from that country. In Russia, the Elga region requires development of a new rail line of 350 km, besides a port to help transportation of coal from that region.
Source: Coal Insights
http://www.mjunction.in/market_news/coal_1/xstrata_sees_coking_coal_price.php
October 12, 2007: India's coking coal imports are likely to cross the 35-million-ton mark by 2010, from the 2006-07 level of around 21 million tons. According to a senior official of Xstrata Coal, this might lead to a surge in imported prices to $300 to $350 per ton.
The country's coke import is likely to fall to almost zero level during the next three years, from the current level of slightly more than 5 million tons, as a large number of new coke capacities are likely to come up within the country, general manager (marketing), Xstrata Coal, Gary Beck, said in a presentation at a coal conference organised by McCloskey Group and mjunction services ltd.
Quoting recent reports, industry sources said that spot coking coal (FOB) prices in Australia has touched $150 per ton mark and current CIF price is already over $220 per ton in India.
A fall in coke imports is likely to lead to a spurt in coking coal prices, if past trends are any indication, Beck said. Xstrata Coal has mining interests spread over the US, Australia and South Africa, and has a combined managed coal production of nearly 100 million tons annually.
Of the total managed coal production of Xstrata Coal, the coal wing of Anglo-Swiss miner Xstrata Plc, nearly 83 million tons is steam coal and 14.5 million tons is coking coal.
The company is expecting to sell about 2 million tons of coal in 2007, and expect to maintain this level next year as well, Beck said. "We are looking forward to increasing our sales," he added.
He said India's demand for coking coal, which is used to power steel plants, is rising sharply.
A number of new steel projects are coming up in India, including that of South Korea's Posco and Arcelor Mittal. In addition, almost all domestic steel companies, including Tata Steel, Essar Steel, JSW, JSPL, Ispat Industries and a large number of secondary steel makers, have huge expansion plans in view of rising consumption and fast growing economy that is expected to cause a spurt in import of coking coal by the country.
India's annual steel production is expected to rise to 150 to180 million tons by 2020, from about 49 million tons in the fiscal year ended March 2007.
According to Beck, most of the demand for coking coal in India is likely to come from players other than Vizag Steel Plant and Steel Authority of India Ltd. Till now, SAIL and VSP account for almost half of the country's total coking coal imports. According to a senior official of SAIL, the company is likely to import nearly 13 million tons of coking coal in 2006-07.
Beck explained that the tightness in coking coal supplies is likely to continue at least till 2010 because of infrastructural bottlenecks in Australia as well as Indonesia. There is no immediate prospect of development of connecting link for supplies from countries like Mozambique and Russia, while supplies from Mongolia are likely to remain restricted to Chinese market alone, he added.
Note: Debal Pls cut chart from pg 14 and 15 of gary beck's presentation which is saved somewhere
For Australian infrastructure, Beck feels that the coal chain capacity will remain below port capacity till 2010. He said coal chain capacity in Australia is likely to improve to 348 million tons only by 2010 from 268 million tons at present.
About Indonesia, he said it is not yet sure whether barging limit at Kalimantan will limit export growth, while in Mozambique it is not certain how long it will take to develop rail and port infrastructure that will facilitate movement of coal from that country. In Russia, the Elga region requires development of a new rail line of 350 km, besides a port to help transportation of coal from that region.
Source: Coal Insights
http://www.mjunction.in/market_news/coal_1/xstrata_sees_coking_coal_price.php
smiler o
- 09 Jul 2008 14:11
- 3 of 24
Hidili Says Coking Coal Prices to Trade at Record (Update3)
By Helen Yuan
July 9 (Bloomberg) -- Hidili Industry International Development Co., southwestern China's largest producer of coking coal, said purchases by steelmakers for rebuilding after the May earthquake will keep prices at a record through 2009.
Hidili shares rose as much as 5.3 percent after Board Secretary Xu Hui said profit will double this year as mine closures in China limit supplies. The company is based in Panzhihua, Sichuan province, where the quake killed more than 69,000 and rebuilding will cost $73 billion.
A doubling in China's coking coal prices this year has failed to deter expansion by steelmakers, which are forecast to increase output by 10 percent in 2008. Hidili has climbed 88 percent since trading started in Hong Kong in September.
``Coal producers' profit will rise this and next year,'' said Zhang Feng, a Hong Kong-based analyst at JPMorgan Chase & Co. ``Steelmakers so far can pass on the higher costs, but their profit margins will be eroded.''
Hidili gained 3.2 percent to close at HK$12.80 in Hong Kong today.
Steelmakers Want More
``Demand from steelmakers is very strong,'' said Xu in a phone interview. Xu declined to give specific profit or price forecasts. Hidili posted a 2007 profit of 570.3 million yuan ($84 million).
China's coking coal prices jumped to 1,900 yuan a ton this year, said Hao Xiangbin, deputy director of information at China Coal Transport & Distribution Association. Demand from steelmakers may rise 6 percent this year, outpacing a supply increase, he said.
China, the world's fastest-growing major economy, may boost steel output by as much as 10 percent to 540 million metric tons this year, according to the China Iron and Steel Association. Reconstruction work in Sichuan will cost more than 500 billion yuan over the next three years, Deutsche Bank AG said in June.
Chinese coal producers have been expanding capacity for energy coal to meet demand from power plants, which has led to limited new supplies of coking coal, Xu said.
The Chinese government have also been shutting thousands of small and unsafe mines in the country, aggravating the shortfall.
High Profit Margins
International supplies of coking coal have been crimped this year because of flooding in Australian mines owned by BHP Billiton Ltd, the largest exporter of the fuel.
Hidili's profit margins will exceed 70 percent this year, and the company may maintain the margins until the end of 2009, Xu said.
``The 70 percent profit margin could make it outshine the other Hong Kong-listed Chinese coal miners, which have margins of about 50 percent,'' JPMorgan's Zhang said. `The coal shortage may get worse this winter on transportation clogs.''
Chinese train operators have cut normal services to help with relief efforts in Sichuan. Shipping energy coal to power plants in winter is also a priority to prevent blackouts.
Hidili aims to boost production capacity fivefold to 10 million tons in the next three to five years through acquisitions in southern China to benefit from the rising demand.
The company supplies coal to steelmakers in southern and western China, including Panzhihua Iron & Steel Group and Liuzhou Iron & Steel Group.
It aims to supply Baosteel Group Corp., the nation's largest mill, and Wuhan Iron & Steel Group, as they each build a 10 million-ton steel plant in the region, Xu said.
Baosteel and rivals are also paying more for iron ore, which almost doubled in prices this year because of limited supplies. Baosteel's coking coal costs may rise up to 60 percent this year from 2007, Helen Lau, a Shanghai-based analyst at Daiwa Securities Group Inc., said.
``Larger steelmakers, such as Baosteel, are able to pass on the higher costs,'' Lau said. ``Small steel and iron producers can hardly survive because of a lack of scale.''
By Helen Yuan
July 9 (Bloomberg) -- Hidili Industry International Development Co., southwestern China's largest producer of coking coal, said purchases by steelmakers for rebuilding after the May earthquake will keep prices at a record through 2009.
Hidili shares rose as much as 5.3 percent after Board Secretary Xu Hui said profit will double this year as mine closures in China limit supplies. The company is based in Panzhihua, Sichuan province, where the quake killed more than 69,000 and rebuilding will cost $73 billion.
A doubling in China's coking coal prices this year has failed to deter expansion by steelmakers, which are forecast to increase output by 10 percent in 2008. Hidili has climbed 88 percent since trading started in Hong Kong in September.
``Coal producers' profit will rise this and next year,'' said Zhang Feng, a Hong Kong-based analyst at JPMorgan Chase & Co. ``Steelmakers so far can pass on the higher costs, but their profit margins will be eroded.''
Hidili gained 3.2 percent to close at HK$12.80 in Hong Kong today.
Steelmakers Want More
``Demand from steelmakers is very strong,'' said Xu in a phone interview. Xu declined to give specific profit or price forecasts. Hidili posted a 2007 profit of 570.3 million yuan ($84 million).
China's coking coal prices jumped to 1,900 yuan a ton this year, said Hao Xiangbin, deputy director of information at China Coal Transport & Distribution Association. Demand from steelmakers may rise 6 percent this year, outpacing a supply increase, he said.
China, the world's fastest-growing major economy, may boost steel output by as much as 10 percent to 540 million metric tons this year, according to the China Iron and Steel Association. Reconstruction work in Sichuan will cost more than 500 billion yuan over the next three years, Deutsche Bank AG said in June.
Chinese coal producers have been expanding capacity for energy coal to meet demand from power plants, which has led to limited new supplies of coking coal, Xu said.
The Chinese government have also been shutting thousands of small and unsafe mines in the country, aggravating the shortfall.
High Profit Margins
International supplies of coking coal have been crimped this year because of flooding in Australian mines owned by BHP Billiton Ltd, the largest exporter of the fuel.
Hidili's profit margins will exceed 70 percent this year, and the company may maintain the margins until the end of 2009, Xu said.
``The 70 percent profit margin could make it outshine the other Hong Kong-listed Chinese coal miners, which have margins of about 50 percent,'' JPMorgan's Zhang said. `The coal shortage may get worse this winter on transportation clogs.''
Chinese train operators have cut normal services to help with relief efforts in Sichuan. Shipping energy coal to power plants in winter is also a priority to prevent blackouts.
Hidili aims to boost production capacity fivefold to 10 million tons in the next three to five years through acquisitions in southern China to benefit from the rising demand.
The company supplies coal to steelmakers in southern and western China, including Panzhihua Iron & Steel Group and Liuzhou Iron & Steel Group.
It aims to supply Baosteel Group Corp., the nation's largest mill, and Wuhan Iron & Steel Group, as they each build a 10 million-ton steel plant in the region, Xu said.
Baosteel and rivals are also paying more for iron ore, which almost doubled in prices this year because of limited supplies. Baosteel's coking coal costs may rise up to 60 percent this year from 2007, Helen Lau, a Shanghai-based analyst at Daiwa Securities Group Inc., said.
``Larger steelmakers, such as Baosteel, are able to pass on the higher costs,'' Lau said. ``Small steel and iron producers can hardly survive because of a lack of scale.''
smiler o
- 11 Jul 2008 14:49
- 4 of 24
Reuters, Friday July 11 2008 By Rujun Shen
SHANGHAI, July 11 (Reuters) - China's drive to reopen thousands of small coal mines is failing, deepening the country's worst power crisis in years as local officials still fear Beijing's wrath if they suffer high-profile disasters.
Weeks after the central government urged miners to reopen the mines, effectively reversing a years-old policy of shutting them in order to improve safety in the world's deadliest coal industry, local officials are proving reluctant. And Beijing's freeze on coal prices has lowered the incentive for miners.
The failure to boost domestic coal supplies spells trouble for coal-fired electricity generators who produce four-fifths of China's power, and could add to a this summer's emerging power crisis, which has already forced aluminium smelters to cut output by up to a tenth and could stoke demand for oil.
"Local government officials are more concerned about personal interest. They are afraid of the punishment a mine accident could bring to them," said Li Chaolin, a coal analyst at an industry body based in Beijing.
They are right to be concerned. Six government officials in the Luliang region of Shanxi were sacked after a blast at a small mine, approved to re-open just a month earlier, killed 34 in June, the state-run Xinhua news agency reported.
China has been pushing forward a safety campaign for three years, shutting down the kind of small, inefficient, and often dangerous mines that provided 38 percent of its coal last year.
Around nine-tenths of China's coal mines are classified as small, but they are eight times more deadly per tonne of coal produced than the larger mines.
From 1995 to early 2008, the number of coal mines in China had fallen around 80 percent to about 16,000. Over the same period the death toll is down 40 percent to 3,786 in 2007, according to the State Administration of Coal Mine Safety.
Beijing's goal is to reduce the number of small mines to under 10,000 by 2010, and to eliminate them by 2015.
But in late May, when coal stocks in the country's key power plants had fallen to critical levels and summer power shortages loomed, China's premier Wen Jiabao called for an increase in coal output, while the country's cabinet asked local governments to speed up approvals for restarting small coal mines.
Some have returned to production in Shanxi, China's top coal producing province, but many are still closed or performing maintenance, traders and analysts said.
And in late June, the Shanxi provincial government ordered local governments to shut down illegal coal mines, highlighting the conflicting signals that have kept officials cautious.
"How can local officials re-open small mines? They want to keep their jobs," said a trader based in Shanxi, who declined to be named.
PRICE CAP INEFFECTIVE
Beijing last month froze the price miners are paid for thermal coal until the end of the year as it seeks to cap power prices, knocking shares of listed coal firms such as China Coal Energy Co <1898.HK><601898.SS> and China Shenhua Energy Co <1088.HK><601088.SS> lower.
But this has had the perverse effect of discouraging mine production and making coal exports more attractive, while not doing anything to cut losses at power generators as the order does not cover prices further down the distribution chain.
In two years China's power generators have received just a 4.7 percent increase in the state-set prices they can charge, not enough to offset the soaring price of coal, which until June's freeze had been freed to float with the market.
For a graphic of Chinese producer prices for coal and power since the start of 2007, click on: https://customers.reuters.com/d/graphics/CN_CRPIDX0708.gif
Asian benchmark thermal coal prices have trebled in just a year to record highs, while domestic supplies remain tight, so local prices should keep rising.
"Miners understand if they don't dig out all the coal now, they can sell later for a better price. Natural resources will only get more precious," said Lin Boqiang, director of the China Center for Energy Economics Research at Xiamen University.
IMPACT ALREADY FELT
The impact of the coal shortage is already being felt.
There have been record power shortfalls in Shanxi Province, where the government had to ration power supplies, hurting energy-intensive plants such as aluminium smelters.
China's top aluminium 20 smelters, including Aluminium Corp of China Ltd (Chalco) <2600.HK><601600.SS>, will cut production by up to 10 percent to reduce power consumption. [ID:nSP157888]
Other industrial provinces, such as Shandong in the north and Guangdong in the south, have forecast deep power deficits.
For a factbox on regional power shortages see: [ID:nPEK98235]
Henan, another big aluminium producing province and one of the nation's most populous, has started to restrict power to industrial users in eight regions and cities, while Shaanxi province on Thursday said it had begun to ration power supplies as power plants ran short of coal.
Some of the power shortfall can be met by diesel generators, and in fact during the last major power crisis in 2004 China's diesel demand surged by 15 percent, helping oil prices' first ascent above $50 a barrel.
The ultimate solution though would be to allow markets to set power tariffs, but Beijing would be reluctant to make such a move when inflation is already near a 12-year high.
"If the power tariff is opened up, all problems will be solved, but its possible impact on the economy is a question," said Lin of Xiamen University. ($1=6.860 Yuan) (Editing by Michael Urquhart)
SHANGHAI, July 11 (Reuters) - China's drive to reopen thousands of small coal mines is failing, deepening the country's worst power crisis in years as local officials still fear Beijing's wrath if they suffer high-profile disasters.
Weeks after the central government urged miners to reopen the mines, effectively reversing a years-old policy of shutting them in order to improve safety in the world's deadliest coal industry, local officials are proving reluctant. And Beijing's freeze on coal prices has lowered the incentive for miners.
The failure to boost domestic coal supplies spells trouble for coal-fired electricity generators who produce four-fifths of China's power, and could add to a this summer's emerging power crisis, which has already forced aluminium smelters to cut output by up to a tenth and could stoke demand for oil.
"Local government officials are more concerned about personal interest. They are afraid of the punishment a mine accident could bring to them," said Li Chaolin, a coal analyst at an industry body based in Beijing.
They are right to be concerned. Six government officials in the Luliang region of Shanxi were sacked after a blast at a small mine, approved to re-open just a month earlier, killed 34 in June, the state-run Xinhua news agency reported.
China has been pushing forward a safety campaign for three years, shutting down the kind of small, inefficient, and often dangerous mines that provided 38 percent of its coal last year.
Around nine-tenths of China's coal mines are classified as small, but they are eight times more deadly per tonne of coal produced than the larger mines.
From 1995 to early 2008, the number of coal mines in China had fallen around 80 percent to about 16,000. Over the same period the death toll is down 40 percent to 3,786 in 2007, according to the State Administration of Coal Mine Safety.
Beijing's goal is to reduce the number of small mines to under 10,000 by 2010, and to eliminate them by 2015.
But in late May, when coal stocks in the country's key power plants had fallen to critical levels and summer power shortages loomed, China's premier Wen Jiabao called for an increase in coal output, while the country's cabinet asked local governments to speed up approvals for restarting small coal mines.
Some have returned to production in Shanxi, China's top coal producing province, but many are still closed or performing maintenance, traders and analysts said.
And in late June, the Shanxi provincial government ordered local governments to shut down illegal coal mines, highlighting the conflicting signals that have kept officials cautious.
"How can local officials re-open small mines? They want to keep their jobs," said a trader based in Shanxi, who declined to be named.
PRICE CAP INEFFECTIVE
Beijing last month froze the price miners are paid for thermal coal until the end of the year as it seeks to cap power prices, knocking shares of listed coal firms such as China Coal Energy Co <1898.HK><601898.SS> and China Shenhua Energy Co <1088.HK><601088.SS> lower.
But this has had the perverse effect of discouraging mine production and making coal exports more attractive, while not doing anything to cut losses at power generators as the order does not cover prices further down the distribution chain.
In two years China's power generators have received just a 4.7 percent increase in the state-set prices they can charge, not enough to offset the soaring price of coal, which until June's freeze had been freed to float with the market.
For a graphic of Chinese producer prices for coal and power since the start of 2007, click on: https://customers.reuters.com/d/graphics/CN_CRPIDX0708.gif
Asian benchmark thermal coal prices have trebled in just a year to record highs, while domestic supplies remain tight, so local prices should keep rising.
"Miners understand if they don't dig out all the coal now, they can sell later for a better price. Natural resources will only get more precious," said Lin Boqiang, director of the China Center for Energy Economics Research at Xiamen University.
IMPACT ALREADY FELT
The impact of the coal shortage is already being felt.
There have been record power shortfalls in Shanxi Province, where the government had to ration power supplies, hurting energy-intensive plants such as aluminium smelters.
China's top aluminium 20 smelters, including Aluminium Corp of China Ltd (Chalco) <2600.HK><601600.SS>, will cut production by up to 10 percent to reduce power consumption. [ID:nSP157888]
Other industrial provinces, such as Shandong in the north and Guangdong in the south, have forecast deep power deficits.
For a factbox on regional power shortages see: [ID:nPEK98235]
Henan, another big aluminium producing province and one of the nation's most populous, has started to restrict power to industrial users in eight regions and cities, while Shaanxi province on Thursday said it had begun to ration power supplies as power plants ran short of coal.
Some of the power shortfall can be met by diesel generators, and in fact during the last major power crisis in 2004 China's diesel demand surged by 15 percent, helping oil prices' first ascent above $50 a barrel.
The ultimate solution though would be to allow markets to set power tariffs, but Beijing would be reluctant to make such a move when inflation is already near a 12-year high.
"If the power tariff is opened up, all problems will be solved, but its possible impact on the economy is a question," said Lin of Xiamen University. ($1=6.860 Yuan) (Editing by Michael Urquhart)
smiler o
- 17 Jul 2008 08:52
- 5 of 24
Of Interest: Looks like coal is back in vogue?
Cleveland-Cliffs to Buy Alpha Natural for $10 Billion (Update3)
By Dale Crofts
July 16 (Bloomberg) -- Cleveland-Cliffs Inc., North America's largest producer of iron-ore pellets, agreed to buy coal-mining company Alpha Natural Resources Inc. for $10 billion as demand for materials used in steelmaking surges.
Alpha Natural's investors will get 0.95 of a Cleveland- Cliffs share and $22.23 in cash, about $128.12 total based on yesterday's prices, for each share they hold, the companies said today in a statement. The offer is about 35 percent higher than Abingdon, Virginia-based Alpha's closing price yesterday.
Cleveland-Cliffs Chief Executive Officer Joseph Carrabba follows steelmakers ArcelorMittal and Posco by grabbing control of coal mines after prices rose to records. Global steelmakers including Nippon Steel Corp., Posco and ArcelorMittal will seek more acquisitions, Merrill Lynch & Co. said last month.
``There's been quite a problem in coal supply, and price increases this year have been pretty spectacular,'' said Charles Bradford, a metals and mining analyst at Soleil Securities in New York. ``The advantage for Cliffs is they already know the customers. The growth in metallurgical coal is going to be overseas.''
The merged company, to be named Cliffs Natural Resources, will have estimated 2008 sales of almost $6.5 billion and earnings before interest, taxes, depreciation and amortization, or ebitda, of $1.9 billion, the companies said. Revenue will rise to $10 billion in 2009, and ebitda will gain to $4.7 billion, the companies said.
60 Mines
The company will own nine iron-ore facilities and more than 60 coal mines in North America, South America and Australia. Iron-ore reserves will total about 1 billion tons and coal about the same, the Cleveland-based company said in the statement. The company expects annual sales of more than 30 million tons of iron ore and almost 18 million tons of steelmaking coal.
The transaction will deliver annual savings of at least $200 million starting in 2010, mainly in coal processing and administration, the company said.
Coal prices have risen to records this year as supplies were curbed by transport constraints in Australia and South Africa. Increasing demand has been led by Asia as China and India, the most populous nations, use more power and produce more steel to fire economic growth.
Annual benchmark contract prices for thermal coal more than doubled to $125 a metric ton for the year from April 1, and coking coal rose 200 percent to $300 a ton. The deals are typically struck between coal producers in Australia and Japanese clients.
`Bandwagon-Jumping'
``People who did not care about coal a year ago now do,'' said Brock Salier, an analyst at Ambrian Partners Ltd. in London, said today in a telephone interview. ``It's bandwagon-jumping of the highest magnitude now. I don't see coal prices coming down over the next couple of years.''
U.S. coal exports through May indicate total shipments this year will reach 52.9 million metric tons from 35.8 million tons last year, according to data published yesterday by London-based shipbroker Simpson, Spence & Young Ltd.
Posco said on June 30 it agreed to pay about A$424 million ($408 million) for a 10 percent stake in Macarthur Coal Ltd. ArcelorMittal said the day before it paid the same amount per share to increase its stake in Brisbane-based Macarthur to 19.9 percent
http://www.bloomberg.com/apps/news?pid=20601087&sid=aF7J5DuEkRTU&refer=home
Cleveland-Cliffs to Buy Alpha Natural for $10 Billion (Update3)
By Dale Crofts
July 16 (Bloomberg) -- Cleveland-Cliffs Inc., North America's largest producer of iron-ore pellets, agreed to buy coal-mining company Alpha Natural Resources Inc. for $10 billion as demand for materials used in steelmaking surges.
Alpha Natural's investors will get 0.95 of a Cleveland- Cliffs share and $22.23 in cash, about $128.12 total based on yesterday's prices, for each share they hold, the companies said today in a statement. The offer is about 35 percent higher than Abingdon, Virginia-based Alpha's closing price yesterday.
Cleveland-Cliffs Chief Executive Officer Joseph Carrabba follows steelmakers ArcelorMittal and Posco by grabbing control of coal mines after prices rose to records. Global steelmakers including Nippon Steel Corp., Posco and ArcelorMittal will seek more acquisitions, Merrill Lynch & Co. said last month.
``There's been quite a problem in coal supply, and price increases this year have been pretty spectacular,'' said Charles Bradford, a metals and mining analyst at Soleil Securities in New York. ``The advantage for Cliffs is they already know the customers. The growth in metallurgical coal is going to be overseas.''
The merged company, to be named Cliffs Natural Resources, will have estimated 2008 sales of almost $6.5 billion and earnings before interest, taxes, depreciation and amortization, or ebitda, of $1.9 billion, the companies said. Revenue will rise to $10 billion in 2009, and ebitda will gain to $4.7 billion, the companies said.
60 Mines
The company will own nine iron-ore facilities and more than 60 coal mines in North America, South America and Australia. Iron-ore reserves will total about 1 billion tons and coal about the same, the Cleveland-based company said in the statement. The company expects annual sales of more than 30 million tons of iron ore and almost 18 million tons of steelmaking coal.
The transaction will deliver annual savings of at least $200 million starting in 2010, mainly in coal processing and administration, the company said.
Coal prices have risen to records this year as supplies were curbed by transport constraints in Australia and South Africa. Increasing demand has been led by Asia as China and India, the most populous nations, use more power and produce more steel to fire economic growth.
Annual benchmark contract prices for thermal coal more than doubled to $125 a metric ton for the year from April 1, and coking coal rose 200 percent to $300 a ton. The deals are typically struck between coal producers in Australia and Japanese clients.
`Bandwagon-Jumping'
``People who did not care about coal a year ago now do,'' said Brock Salier, an analyst at Ambrian Partners Ltd. in London, said today in a telephone interview. ``It's bandwagon-jumping of the highest magnitude now. I don't see coal prices coming down over the next couple of years.''
U.S. coal exports through May indicate total shipments this year will reach 52.9 million metric tons from 35.8 million tons last year, according to data published yesterday by London-based shipbroker Simpson, Spence & Young Ltd.
Posco said on June 30 it agreed to pay about A$424 million ($408 million) for a 10 percent stake in Macarthur Coal Ltd. ArcelorMittal said the day before it paid the same amount per share to increase its stake in Brisbane-based Macarthur to 19.9 percent
http://www.bloomberg.com/apps/news?pid=20601087&sid=aF7J5DuEkRTU&refer=home
smiler o
- 18 Jul 2008 17:21
- 6 of 24
COAL NEWS: LATEST HEADLINES
18 July 2008 05:20 PM London Time
Coal market set to sizzle further
Mumbai: Coal prices that soared in 2008 could rise higher and stay at elevated levels due to ongoing structural shortages that could go on for a number of years. Developments on both demand and supply side are seen impacting the market.
The major price driver is, of course, growing demand from China and India coupled with delays in the completion of coal mine expansions in the current and future major coal exporting countries.
More India business stories
As a result, coal price forecasts both short and medium-term have been revised upward by analysts at Macquarie Research Commodities. We have made major changes to our short and medium-term coal price forecasts.
These reflect the recent soaring spot and contract market prices for thermal and coking coal as a result of the stronger-than-expected demand in 2007-08 and also significant production losses in many coal producing areas, particularly Australia, analysts said.
Price Performance
Coal market has witnessed some extraordinary price performance in the last one year.
From $ 8598 a tonne free-on-board (fob), hard coking coal prices have risen on an average by over 200 per cent to $ 285300 a tonne range for Australian and Canadian suppliers.
In case of semi-soft, semi-hard and low-volatile PCI coals, even bigger rises have been achieved.
The significant prices for the metallurgical coals comes after two years of price declines, when the market appeared to be weakening due to a pullback of China from the import market, analysts pointed out, adding that the weaker Chinese trend and massive capital cost escalations for new coking coal mines resulted in postponement of investment in new mines.
Structural Shortage
With rising expectation that Chinese steel mills will face serious shortage of met coal in the coming years, supplies are unlikely to grow as fast as demand which is set to create a structural shortage for years.
In case of thermal coal, China remains a key unknown and potentially could lead to a much larger price rise in this product going forward. Another destabilising factor in the thermal coal market, Macquarie pointed out, is that semi-soft prices are likely to be concluded at close to $ 240 a tonne fob (or above), $ 115 a tonne higher than thermal.
Given that many Australian thermal coal suppliers have some flexibility to switch sales from thermal to semi-soft or soft-coking coals, this could create a shortage of thermal later in 2008. India is also being closely watched by supplier nations. Steelmaking in the country is rising rapidly and coal imports are expanding. Large additions to steelmaking capacity in India and Brazil in the coming year could significantly boost demand and keep the coking coal market tight.
Tips to book profits in a falling market! Click here
Indo-Japan Demand
For the thermal coal market, an important market driver would be strong Indian and Japanese demand, coupled with the move of China from a significant net exporter to balanced status in 2007.
Thermal coal supplies at 605 million tonnes (mt) could be short of demand (sea-borne) estimated at 612 mt. Demand from India is placed at 34 mt for 2008 rising progressively to 38 mt, 45 mt, 55 mt and 65 mt in the subsequent years till 2012.
From $ 55 a tonne fob in 2007, thermal coal prices are forecast at $ 125 a tonne in 2008 and even higher at $ 180 a tonne during 2009 and 2010 after which prices may begin to decline.
Met coal market could face a sharper 6 mt supply shortfall in 2008 which will decline to 2 mt in 2009 and stay positive thereafter for three years. Indian demand for met coal that was 25 mt in 2007 is projected to rise to 29 mt in 2008 and then on to 33 mt, 38 mt, 42 mt and 48 mt in the following years.
More India business stories
The coal market is already sizzling with sharp price spurts. Together with the recent depreciation of the rupee and little prospect of firming anytime soon, imported coal is becoming more expensive. Forecast of further price increases should alert importers here. Long-term planning is the key to mitigating the price risks in the marketplace
source: http://sify.com 18 July 2008
18 July 2008 05:20 PM London Time
Coal market set to sizzle further
Mumbai: Coal prices that soared in 2008 could rise higher and stay at elevated levels due to ongoing structural shortages that could go on for a number of years. Developments on both demand and supply side are seen impacting the market.
The major price driver is, of course, growing demand from China and India coupled with delays in the completion of coal mine expansions in the current and future major coal exporting countries.
More India business stories
As a result, coal price forecasts both short and medium-term have been revised upward by analysts at Macquarie Research Commodities. We have made major changes to our short and medium-term coal price forecasts.
These reflect the recent soaring spot and contract market prices for thermal and coking coal as a result of the stronger-than-expected demand in 2007-08 and also significant production losses in many coal producing areas, particularly Australia, analysts said.
Price Performance
Coal market has witnessed some extraordinary price performance in the last one year.
From $ 8598 a tonne free-on-board (fob), hard coking coal prices have risen on an average by over 200 per cent to $ 285300 a tonne range for Australian and Canadian suppliers.
In case of semi-soft, semi-hard and low-volatile PCI coals, even bigger rises have been achieved.
The significant prices for the metallurgical coals comes after two years of price declines, when the market appeared to be weakening due to a pullback of China from the import market, analysts pointed out, adding that the weaker Chinese trend and massive capital cost escalations for new coking coal mines resulted in postponement of investment in new mines.
Structural Shortage
With rising expectation that Chinese steel mills will face serious shortage of met coal in the coming years, supplies are unlikely to grow as fast as demand which is set to create a structural shortage for years.
In case of thermal coal, China remains a key unknown and potentially could lead to a much larger price rise in this product going forward. Another destabilising factor in the thermal coal market, Macquarie pointed out, is that semi-soft prices are likely to be concluded at close to $ 240 a tonne fob (or above), $ 115 a tonne higher than thermal.
Given that many Australian thermal coal suppliers have some flexibility to switch sales from thermal to semi-soft or soft-coking coals, this could create a shortage of thermal later in 2008. India is also being closely watched by supplier nations. Steelmaking in the country is rising rapidly and coal imports are expanding. Large additions to steelmaking capacity in India and Brazil in the coming year could significantly boost demand and keep the coking coal market tight.
Tips to book profits in a falling market! Click here
Indo-Japan Demand
For the thermal coal market, an important market driver would be strong Indian and Japanese demand, coupled with the move of China from a significant net exporter to balanced status in 2007.
Thermal coal supplies at 605 million tonnes (mt) could be short of demand (sea-borne) estimated at 612 mt. Demand from India is placed at 34 mt for 2008 rising progressively to 38 mt, 45 mt, 55 mt and 65 mt in the subsequent years till 2012.
From $ 55 a tonne fob in 2007, thermal coal prices are forecast at $ 125 a tonne in 2008 and even higher at $ 180 a tonne during 2009 and 2010 after which prices may begin to decline.
Met coal market could face a sharper 6 mt supply shortfall in 2008 which will decline to 2 mt in 2009 and stay positive thereafter for three years. Indian demand for met coal that was 25 mt in 2007 is projected to rise to 29 mt in 2008 and then on to 33 mt, 38 mt, 42 mt and 48 mt in the following years.
More India business stories
The coal market is already sizzling with sharp price spurts. Together with the recent depreciation of the rupee and little prospect of firming anytime soon, imported coal is becoming more expensive. Forecast of further price increases should alert importers here. Long-term planning is the key to mitigating the price risks in the marketplace
source: http://sify.com 18 July 2008
smiler o
- 22 Jul 2008 08:54
- 7 of 24
NSW coal boom set to continue
A new report says the NSW coal industry is expected to continue to boom for several decades.
The Department of Primary Industries coal profile report says coal exports totalled 91.5 million tonnes in 2006-7, at a value of more than $6 billion.
The department's principal coal advisor, William Hughes, says the outlook for next year is even stronger, with exports to rise to more than 100 million tonnes, worth more than $7 billion.
"NSW does produce very high quality thermal and metallurgical coals that are well regarded on the export market," he says.
"Certainly the outlook for international demand for our coal is likely to remain strong, and therefore exports are likely to grow, particularly as new capacity comes on at the port of Newcastle over the next three to five years."
source: http://www.abc.net.au 21 July 2008
A new report says the NSW coal industry is expected to continue to boom for several decades.
The Department of Primary Industries coal profile report says coal exports totalled 91.5 million tonnes in 2006-7, at a value of more than $6 billion.
The department's principal coal advisor, William Hughes, says the outlook for next year is even stronger, with exports to rise to more than 100 million tonnes, worth more than $7 billion.
"NSW does produce very high quality thermal and metallurgical coals that are well regarded on the export market," he says.
"Certainly the outlook for international demand for our coal is likely to remain strong, and therefore exports are likely to grow, particularly as new capacity comes on at the port of Newcastle over the next three to five years."
source: http://www.abc.net.au 21 July 2008
smiler o
- 23 Jul 2008 07:51
- 8 of 24
July 23, 2008
Cool on Coal
Coal should be the last resort for powering Britain, not the easy option
If plans to build new coal-fired power stations go ahead in Britain, it will be rather like building palaces to burn caviar. The cost of coal and construction are rocketing up. Most of the coal will be imported, mainly from Russia. The carbon dioxide emissions created will be about twice those produced in gas-burning facilities of equal power. With the looming threat of climate change, and growing concerns about energy security, waving through a new generation of dirty coal plants would be decadent and irresponsible.
A powerful alliance is forming around this view: 228 MPs have signed an early day motion calling for a public inquiry into the planned new plant at Kingsnorth, Kent. The Royal Society wants operating permits for coal-burning to be withdrawn unless there are massive emissions reductions. Now the Environmental Audit Committee is demanding that the Government set a deadline for coal-fired power stations to close, or adopt clean carbon capture and storage (CCS) technology. That is what Arnold Schwarzenegger has effectively done in California, and it is similar to Conservative and Liberal Democrat policy.
The Government looks increasingly uncomfortable. It is running a competition to pilot CCS, but will not require new developments to use it. It hopes that emissions trading will make dirty coal uneconomic for investors, but the audit committee says that is naive.
It is Government's job to keep the lights on. But its defeatism on coal is at odds with its newly sophisticated thinking on renewable power. The Prime Minister should perhaps impress upon his energy colleagues his new watchword for food: waste not, want not.
http://www.timesonline.co.uk/tol/comment/article4380640.ece
Cool on Coal
Coal should be the last resort for powering Britain, not the easy option
If plans to build new coal-fired power stations go ahead in Britain, it will be rather like building palaces to burn caviar. The cost of coal and construction are rocketing up. Most of the coal will be imported, mainly from Russia. The carbon dioxide emissions created will be about twice those produced in gas-burning facilities of equal power. With the looming threat of climate change, and growing concerns about energy security, waving through a new generation of dirty coal plants would be decadent and irresponsible.
A powerful alliance is forming around this view: 228 MPs have signed an early day motion calling for a public inquiry into the planned new plant at Kingsnorth, Kent. The Royal Society wants operating permits for coal-burning to be withdrawn unless there are massive emissions reductions. Now the Environmental Audit Committee is demanding that the Government set a deadline for coal-fired power stations to close, or adopt clean carbon capture and storage (CCS) technology. That is what Arnold Schwarzenegger has effectively done in California, and it is similar to Conservative and Liberal Democrat policy.
The Government looks increasingly uncomfortable. It is running a competition to pilot CCS, but will not require new developments to use it. It hopes that emissions trading will make dirty coal uneconomic for investors, but the audit committee says that is naive.
It is Government's job to keep the lights on. But its defeatism on coal is at odds with its newly sophisticated thinking on renewable power. The Prime Minister should perhaps impress upon his energy colleagues his new watchword for food: waste not, want not.
http://www.timesonline.co.uk/tol/comment/article4380640.ece
smiler o
- 23 Jul 2008 07:56
- 9 of 24
Coal demand shoots up price
Wed, July 23, 2008
FOSSIL FUELS: The rising cost of oil is playing a big role in its renewed popularity
Email Print Write Size: A A A Share:
By KRISTINE OWRAM, THE CANADIAN PRESS
TORONTO -- Skyrocketing demand combined with a shrinking supply is making coal a "tight" commodity right now, causing prices -- and profits -- to soar, says the chief executive of an Australian mining company that lists its stock in Canada.
Peter Lynch, president and chief executive of Waratah Coal Inc., said yesterday that "hot demand" for coal used to fire power plants in emerging markets such as China and India is benefiting his company and the industry as a whole.
"Essentially, thermal coal isn't as easily available as it used to be, so the price of thermal coal has skyrocketed," said Lynch, adding that the commodity, which was selling for under US$50 a tonne just a few years ago, is now going for close to $200 a tonne.
"The commodity's in hot demand, it's not waning at all, because the demand for the product is continuing to grow. Irrespective of other economic conditions, the energy demands of India and China will continue unabated."
The rising price of coal has also led to a consolidation trend in the global industry as companies that produce coal used to make steel or to fuel power production try to get bigger to raise output to become more competitive and cash in on rising prices.
Last week, Ohio-based miner Cleveland Cliffs struck a nearly US$10 billion deal to acquire Alpha Natural Resources, creating a company with the largest reserves of iron ore and metallurgical coal in the United States.
The merged company will have more than 60 coal mines and nine iron ore mines in North and South American and Australia.
Earlier this year, the world's two biggest miners, BHP Billiton and Rio Tinto, discussed a possible merger of their far flung operations, which include metals, mineral processing and coal mining assets around the world.
However, the BHP bid, now valued at about $170 billion, was rejected by Rio Tinto and has turned hostile.
As prices for everything from iron ore to coal rise, the value of companies that produce such commodities also goes up. Lynch said coal is increasingly seen as a cheap alternative to oil -- another reason for the price increase.
"As oil prices go higher, the attraction for coal-fired electricity is even more so," he said.
http://lfpress.ca/newsstand/Business/2008/07/23/6236766-sun.html
Wed, July 23, 2008
FOSSIL FUELS: The rising cost of oil is playing a big role in its renewed popularity
Email Print Write Size: A A A Share:
By KRISTINE OWRAM, THE CANADIAN PRESS
TORONTO -- Skyrocketing demand combined with a shrinking supply is making coal a "tight" commodity right now, causing prices -- and profits -- to soar, says the chief executive of an Australian mining company that lists its stock in Canada.
Peter Lynch, president and chief executive of Waratah Coal Inc., said yesterday that "hot demand" for coal used to fire power plants in emerging markets such as China and India is benefiting his company and the industry as a whole.
"Essentially, thermal coal isn't as easily available as it used to be, so the price of thermal coal has skyrocketed," said Lynch, adding that the commodity, which was selling for under US$50 a tonne just a few years ago, is now going for close to $200 a tonne.
"The commodity's in hot demand, it's not waning at all, because the demand for the product is continuing to grow. Irrespective of other economic conditions, the energy demands of India and China will continue unabated."
The rising price of coal has also led to a consolidation trend in the global industry as companies that produce coal used to make steel or to fuel power production try to get bigger to raise output to become more competitive and cash in on rising prices.
Last week, Ohio-based miner Cleveland Cliffs struck a nearly US$10 billion deal to acquire Alpha Natural Resources, creating a company with the largest reserves of iron ore and metallurgical coal in the United States.
The merged company will have more than 60 coal mines and nine iron ore mines in North and South American and Australia.
Earlier this year, the world's two biggest miners, BHP Billiton and Rio Tinto, discussed a possible merger of their far flung operations, which include metals, mineral processing and coal mining assets around the world.
However, the BHP bid, now valued at about $170 billion, was rejected by Rio Tinto and has turned hostile.
As prices for everything from iron ore to coal rise, the value of companies that produce such commodities also goes up. Lynch said coal is increasingly seen as a cheap alternative to oil -- another reason for the price increase.
"As oil prices go higher, the attraction for coal-fired electricity is even more so," he said.
http://lfpress.ca/newsstand/Business/2008/07/23/6236766-sun.html
smiler o
- 30 Jul 2008 16:40
- 10 of 24
30 July 2008 04:39 PM London Time
FOCUS - China's coal price caps are making energy shortages worse - analysts
SHANGHAI (XFN-ASIA) - Conflict between the power and coal sectors in China is intensifying the coal shortages afflicting the country, and new "emergency" coal price caps may actually have made the problem worse, analysts suggested.
They said recent government measures aimed at making coal more affordable for China's power producers have served only to discourage the mines from maximizing supplies.
"The price control system is actually worsening the long-standing conflict between power plants and coal mines," said a domestic industry analyst who preferred not to be named.
Last winter, the storm-induced coal and power shortages across southern China were believed to have been exacerbated by the power plants themselves. Aggrieved by high coal prices and caps on electricity charges, utility bosses were reluctant to build up stockpiles.
In public, the authorities said that the weather had been the sole cause of their problems, caking power lines in inches of ice and incapacitating delivery networks. However, many observers said that coal shortages would have been less acute if power producers had had the incentive to maintain their inventories at safe levels.
The decision last month to cap the price of coal - as well as raise power tariffs - suggests that the government has paid heed to the utility companies' grievances and redressed the growing imbalance between the coal and power sectors.
But some analysts say the govedrnment failed to fully consider the very worrying possibility that the coal price caps would discourage the country's miners.
Morgan Stanley, in a note to investors, said that the recent price caps could worsen the coal supply gap. If the caps are fully enforced, smaller mines might actually "stop coal production until the price cap is removed at the end of 2008 with an expectation to sell at higher prices later."
This "may intensify current tight supply," the note said.
Underlying all this is the fate of China's small mines, many of of which had been shut down for safety reasons. Earlier this year, the authorities decided that a certain number of "rectified" small coal mines could reopen so as to increase supplies this summer, but the decision doesn't appear to have had much effect.
According to Deng Liangsheng, an analyst with China Merchants Securities, the decision always "lacked feasibility."
"Because reopening mines requires a lot of investment in safety and around two years of renovations, right now more than 60 pct of the mines that have been closed still do not comply with requirements," he said in a note.
"Furthermore, after formally reopening they will probably be forced to close again during the Olympic Games," he added.
In previous years, profit margins in the coal sector were so high - and state vigilance so low - that local officials tended to ignore legal niceties and allow thousands of small and unlicensed mine owners to produce at full capacity or more, leading to frequent catastrophic loss of life in the industry. This year, however, they appear less willing to risk the wrath of Beijing's safety inspectors.
Although the state attempted to tighten the price caps in a new policy document issued last week, market pressures are unlikely to ease.
According to Song Shen, coal analyst with Goldman Sachs, enforcement remains the biggest problem.
While it is comparatively easy for the government to force big coal companies like Shenhua or China Coal to stay within the government-set price range, it still needs to find a way of persuading the smaller operators to boost output despite the risks, Song said.
With power plant inventories down - in some cases - to less than a day of supplies, there are likely to be emergencies, and in an emergency, power plants are likely to pay higher prices now and complain later, said the domestic analyst.
"Coal is scarce and there is a reason why the price is so high," he said.
The market is still waiting for the only plausible long-term solution to the problem: the opening-up of the pricing system for both power and coal.
"Supply tensions and price rises are an accurate reflection of supply and demand and a result of cost pressures," said Merchant Securities' Deng.
"Price caps are not of benefit to the consolidation of the upstream coal sector and in fact protect the backward nature of downstream sectors. They also widen the gap between domestic and international prices and distort normal international trade, and by doing so, effectively subsidize other countries."
source: Xinhua Finance 30 July 2008
FOCUS - China's coal price caps are making energy shortages worse - analysts
SHANGHAI (XFN-ASIA) - Conflict between the power and coal sectors in China is intensifying the coal shortages afflicting the country, and new "emergency" coal price caps may actually have made the problem worse, analysts suggested.
They said recent government measures aimed at making coal more affordable for China's power producers have served only to discourage the mines from maximizing supplies.
"The price control system is actually worsening the long-standing conflict between power plants and coal mines," said a domestic industry analyst who preferred not to be named.
Last winter, the storm-induced coal and power shortages across southern China were believed to have been exacerbated by the power plants themselves. Aggrieved by high coal prices and caps on electricity charges, utility bosses were reluctant to build up stockpiles.
In public, the authorities said that the weather had been the sole cause of their problems, caking power lines in inches of ice and incapacitating delivery networks. However, many observers said that coal shortages would have been less acute if power producers had had the incentive to maintain their inventories at safe levels.
The decision last month to cap the price of coal - as well as raise power tariffs - suggests that the government has paid heed to the utility companies' grievances and redressed the growing imbalance between the coal and power sectors.
But some analysts say the govedrnment failed to fully consider the very worrying possibility that the coal price caps would discourage the country's miners.
Morgan Stanley, in a note to investors, said that the recent price caps could worsen the coal supply gap. If the caps are fully enforced, smaller mines might actually "stop coal production until the price cap is removed at the end of 2008 with an expectation to sell at higher prices later."
This "may intensify current tight supply," the note said.
Underlying all this is the fate of China's small mines, many of of which had been shut down for safety reasons. Earlier this year, the authorities decided that a certain number of "rectified" small coal mines could reopen so as to increase supplies this summer, but the decision doesn't appear to have had much effect.
According to Deng Liangsheng, an analyst with China Merchants Securities, the decision always "lacked feasibility."
"Because reopening mines requires a lot of investment in safety and around two years of renovations, right now more than 60 pct of the mines that have been closed still do not comply with requirements," he said in a note.
"Furthermore, after formally reopening they will probably be forced to close again during the Olympic Games," he added.
In previous years, profit margins in the coal sector were so high - and state vigilance so low - that local officials tended to ignore legal niceties and allow thousands of small and unlicensed mine owners to produce at full capacity or more, leading to frequent catastrophic loss of life in the industry. This year, however, they appear less willing to risk the wrath of Beijing's safety inspectors.
Although the state attempted to tighten the price caps in a new policy document issued last week, market pressures are unlikely to ease.
According to Song Shen, coal analyst with Goldman Sachs, enforcement remains the biggest problem.
While it is comparatively easy for the government to force big coal companies like Shenhua or China Coal to stay within the government-set price range, it still needs to find a way of persuading the smaller operators to boost output despite the risks, Song said.
With power plant inventories down - in some cases - to less than a day of supplies, there are likely to be emergencies, and in an emergency, power plants are likely to pay higher prices now and complain later, said the domestic analyst.
"Coal is scarce and there is a reason why the price is so high," he said.
The market is still waiting for the only plausible long-term solution to the problem: the opening-up of the pricing system for both power and coal.
"Supply tensions and price rises are an accurate reflection of supply and demand and a result of cost pressures," said Merchant Securities' Deng.
"Price caps are not of benefit to the consolidation of the upstream coal sector and in fact protect the backward nature of downstream sectors. They also widen the gap between domestic and international prices and distort normal international trade, and by doing so, effectively subsidize other countries."
source: Xinhua Finance 30 July 2008
smiler o
- 05 Aug 2008 18:33
- 11 of 24
India's Power Companies Face Coal Shortages, Press Trust Says
Aug. 3 (Bloomberg) -- India's electricity generators haven't been able to meet output targets because of declining coal supplies from local mines, the Press Trust of India reported, citing a power ministry official it didn't identify.
Supply fell short of demand by as much as 14.6 percent during the quarter ended June 30, the news agency reported. Coal companies produced 31.23 million tons during the period, 9 percent lower than targeted, it said.
Coal-fired plants account for 53.3 percent of India's power generation, according to the report.
Aug. 3 (Bloomberg) -- India's electricity generators haven't been able to meet output targets because of declining coal supplies from local mines, the Press Trust of India reported, citing a power ministry official it didn't identify.
Supply fell short of demand by as much as 14.6 percent during the quarter ended June 30, the news agency reported. Coal companies produced 31.23 million tons during the period, 9 percent lower than targeted, it said.
Coal-fired plants account for 53.3 percent of India's power generation, according to the report.
smiler o
- 10 Aug 2008 20:29
- 12 of 24
London Mining buys into South African coal miner
OSLO, Aug 8 (Reuters) - Norwegian metals group London Mining (LOND.OL: Quote, Profile, Research, Stock Buzz) said on Friday it had agreed to buy up to 50.5 percent stake in South Africa's coal miner DMC Energy for $120 million.
London Mining, which has a 2.36 billion tonne portfolio of iron assets, said it will build up its resource base to become a "significant supplier" to the steel and energy markets.
"This acquisition will form the basis of London Mining's new coal division which we hope to grow rapidly in the future," Managing Director Christopher Brown said in a statement.
"This acquisition will add substantial value to London Mining," he added.
Listed in the Oslo Access market for smaller firms, shares in London Mining were untraded so far on Friday. The shares closed at 30.8 crowns on Thursday.
Source: Reuters 08 August 2008
OSLO, Aug 8 (Reuters) - Norwegian metals group London Mining (LOND.OL: Quote, Profile, Research, Stock Buzz) said on Friday it had agreed to buy up to 50.5 percent stake in South Africa's coal miner DMC Energy for $120 million.
London Mining, which has a 2.36 billion tonne portfolio of iron assets, said it will build up its resource base to become a "significant supplier" to the steel and energy markets.
"This acquisition will form the basis of London Mining's new coal division which we hope to grow rapidly in the future," Managing Director Christopher Brown said in a statement.
"This acquisition will add substantial value to London Mining," he added.
Listed in the Oslo Access market for smaller firms, shares in London Mining were untraded so far on Friday. The shares closed at 30.8 crowns on Thursday.
Source: Reuters 08 August 2008
smiler o
- 12 Aug 2008 10:12
- 13 of 24
Govt considers coal sector restructuring 11/08/2008
The National Energy Administration is planning to promote more mergers and acquisitions in the country's coal industry in an effort to intensify the government's macroeconomic control and deal with overexploitation and over competition in the industry.
"Guidance of mergers and acquisitions in the coal industry has been submitted to the State Council and we're waiting for the approval," an official from the National Energy Administration said.
Industry insiders regarded it as a signal for a new round of reshuffling in China's coal sector.
Kang Rong, an official with China National Coal Association told China Daily the government has been considering regrouping the industry for a while, but was yet to take efficient action.
As early as 2005, the State Council issued the advice on improving the healthy development of China's coal industry, vowing to construct large coal mining bases and form large coal enterprise groups.
The government was alerted when it ran into difficulties in allocating coal to support regions struck by the blizzard early this year, Kang said.
State-owned coal firms aside, many others put their own interests ahead of the county's urgent demands, he added.
According to the State Electricity Regulatory Commission, the coal reserve in the country's big power plants was 43.81 million tons, merely enough to support 11 days of normal operations.
Facing such a severe coal shortage, the country urgently needs to improve its unitization rate of coal. While, the large coal enterprises are much more efficient in mining than small ones, as more than 80 percent of their mines have been fully exploited, compared to 10 to 15 percent for small coal producers which led to serious wastes, he said.
As for construction, large coal mines have always been well equipped. They have advanced mining technologies, transportation and other supporting facilities, he said.
He also said that large coal mines have reclamation plans after mining, and they pay considerable attention to environmental protection issues such as appropriate utilization of underground water.
He suggested the government should start with the consolidation of coal reserves in a bid to make rational exploitation plans and put them into use. ( Source: China Daily/COALWorld.net 2008-08-11 )
The National Energy Administration is planning to promote more mergers and acquisitions in the country's coal industry in an effort to intensify the government's macroeconomic control and deal with overexploitation and over competition in the industry.
"Guidance of mergers and acquisitions in the coal industry has been submitted to the State Council and we're waiting for the approval," an official from the National Energy Administration said.
Industry insiders regarded it as a signal for a new round of reshuffling in China's coal sector.
Kang Rong, an official with China National Coal Association told China Daily the government has been considering regrouping the industry for a while, but was yet to take efficient action.
As early as 2005, the State Council issued the advice on improving the healthy development of China's coal industry, vowing to construct large coal mining bases and form large coal enterprise groups.
The government was alerted when it ran into difficulties in allocating coal to support regions struck by the blizzard early this year, Kang said.
State-owned coal firms aside, many others put their own interests ahead of the county's urgent demands, he added.
According to the State Electricity Regulatory Commission, the coal reserve in the country's big power plants was 43.81 million tons, merely enough to support 11 days of normal operations.
Facing such a severe coal shortage, the country urgently needs to improve its unitization rate of coal. While, the large coal enterprises are much more efficient in mining than small ones, as more than 80 percent of their mines have been fully exploited, compared to 10 to 15 percent for small coal producers which led to serious wastes, he said.
As for construction, large coal mines have always been well equipped. They have advanced mining technologies, transportation and other supporting facilities, he said.
He also said that large coal mines have reclamation plans after mining, and they pay considerable attention to environmental protection issues such as appropriate utilization of underground water.
He suggested the government should start with the consolidation of coal reserves in a bid to make rational exploitation plans and put them into use. ( Source: China Daily/COALWorld.net 2008-08-11 )
smiler o
- 26 Aug 2008 09:19
- 14 of 24
Coal. It's what lights up the world
Commentary: Global coal demand is swelling and these companies will benefit
By Bryan Perry,
When the power goes on and the lights turn bright around the world, chances are good that the electricity firing up the latest power plant in China is a coal-fired plant running on none other than imported coal from the U.S.
Coal deposits here in the good old U.S. o f A. are the richest in the world, with the best burning coal in the world; kind of like how Saudi Arabia is the king of light sweet crude oil, the choice grade for gasoline. U.S. coal is the choice grade for getting the most heat out of a short ton of coal.
... all those advances in alternative energy combined are forecasted to make up only about 7% of our nation's power needs by 2020 -- and that's if all the stars line up for rolling out these new technologies.
Just to get a handle on why and how the price of coal is soaring, consider the fact that China is activating one new coal fired plant every week of the year. China makes up about 43% of emerging market demand and coal is right at the top of the list with the Chinese economy growing at a torrid 10.3% for the second quarter of 2008.
U.S. coal markets are dynamically responding to the scarcity of coal in the global landscape. With severe supply constraints in traditional coal export nations, including flooding in Australia, power outages in South Africa and coal shortages in China and India, U.S. coal will increasingly be valued high for purposes of supply diversification.
There has been a paradigm shift in the coal industry. The U.S. became the swing supplier of coal for the global market in 2007, and demand has only accelerated into 2008. U.S. coal exports are estimated to have grown by 10 million tons in 2007 and are expected to grow by another 20 million tons this year. U.S. utilities alone have bought up what is now a record 51-day stockpile, increasing inventories to hedge against future supply disruptions.
What the utilities know that isn't getting enough press is that as much as we all want to power the country with wind, solar, hydro, biomass and even nuclear, all those advances in alternative energy combined are forecasted to make up only about 7% of our nation's power needs by 2020 -- and that's if all the stars line up for rolling out these new technologies.
Coal is here to stay. In fact, according to government statistics, coal is responsible for 47% of the power generated in the U.S. today. By 2030 the Department of Energy forecasts that coal will account for 51% of power output, an increase of 4% in the wake of all the momentum behind alternative energy. That's a bit of a reality check for the green movement. We need a lot more power generation sooner than the green industry can deliver.
Estimates from leading coal producers forecast that 14 gigawatts of new coal-fired capacity are now under construction in the U.S., representing the addition of roughly 50 million tons of new annual coal demand. These plants will be phased in over the next four years, with half of them expected to start up by the end of 2009. Another 8 gigawatts, representing more than 30 million tons of additional incremental annual coal demand, are in advanced stages of development with the completion of the majority of these plants expected by 2013.
U.S. demand aside, coal producers are rapidly shifting greater percentages of their coal supplies to foreign markets at prices that can run up to 70% above current domestic steam coal index prices. Global thermal coal use continues to increase to fuel the growing number of coal-fueled generating plants. Stockpiles are very low in many nations, and producers and shippers are running at high capacity levels to try to keep pace with demand. The industry has priced significant volumes off of the reference price of $125 per metric ton for Newcastle thermal coal, and strong demand since the settlements has sent spot prices to $175 to $200 per ton.
Unlike oil prices, which have declined almost $30 per barrel in the past month, coal prices have actually increased in four of five categories as published by the Energy Information Agency, a U.S. government reporting agency.
Average Spot Coal Prices (Dollars per Short Ton)
Week Ended Central
Appalachia
12,500 Btu,
1.2 SO2 Northern
Appalachia
13,000 Btu,
<3.0 SO2 Illinois Basin
11,800 Btu,
5.0 SO2 Powder
River Basin
8,800 Btu,
0.8 SO2 Uinta Basin
11,700 Btu,
0.8 SO2
03-July-08 $117.60 $130.00 $70.00 $14.00 $54.00
11-July-08 $134.55 $138.00 $70.00 $14.00 $56.00
18-July-08 $139.30 $138.00 $70.00 $14.00 $56.00
25-July-08 $140.00 $149.00 $71.00 $12.50 $62.00
01-Aug-08 $140.00 $149.00 $71.00 $12.50 $62.00
Source: Energy Information Agency
Coal stocks have been undeservedly punished with the sell off in crude oil, natural gas and agricultural commodities. The real world shows that coal prices are holding up at historical highs going into the month of August. Numbers don't lie, but markets tend of over react and overshoot. I believe the best coal companies listed are tremendous buys at current prices.
The big picture future for coal is cleaning it up. Coal to liquids is just a very critical important new technology for the industry. It will allow coal to be converted and in the process to be cleaned so it becomes a fuel that becomes environmentally compliant. That's really the future for coal, to be a fuel that's environmentally compliant.
The CEO for Joy Global (JOYB), the leading equipment maker for the coal industry, was quoted saying "We already know that coal is very cost efficient. We know it's very reliable. We know there's tremendous security for production in the U.S. Once it's environmentally compliant, we have all the aspects of coal to make it a continued preferred fuel source for power generation, and also on a coal-to-liquids basis it will begin to open up the transportation markets as well. So I think the long-term outlook for coal is very positive, and it's very positive specifically because of the potential for commercial technologies."
Commentary: Global coal demand is swelling and these companies will benefit
By Bryan Perry,
When the power goes on and the lights turn bright around the world, chances are good that the electricity firing up the latest power plant in China is a coal-fired plant running on none other than imported coal from the U.S.
Coal deposits here in the good old U.S. o f A. are the richest in the world, with the best burning coal in the world; kind of like how Saudi Arabia is the king of light sweet crude oil, the choice grade for gasoline. U.S. coal is the choice grade for getting the most heat out of a short ton of coal.
... all those advances in alternative energy combined are forecasted to make up only about 7% of our nation's power needs by 2020 -- and that's if all the stars line up for rolling out these new technologies.
Just to get a handle on why and how the price of coal is soaring, consider the fact that China is activating one new coal fired plant every week of the year. China makes up about 43% of emerging market demand and coal is right at the top of the list with the Chinese economy growing at a torrid 10.3% for the second quarter of 2008.
U.S. coal markets are dynamically responding to the scarcity of coal in the global landscape. With severe supply constraints in traditional coal export nations, including flooding in Australia, power outages in South Africa and coal shortages in China and India, U.S. coal will increasingly be valued high for purposes of supply diversification.
There has been a paradigm shift in the coal industry. The U.S. became the swing supplier of coal for the global market in 2007, and demand has only accelerated into 2008. U.S. coal exports are estimated to have grown by 10 million tons in 2007 and are expected to grow by another 20 million tons this year. U.S. utilities alone have bought up what is now a record 51-day stockpile, increasing inventories to hedge against future supply disruptions.
What the utilities know that isn't getting enough press is that as much as we all want to power the country with wind, solar, hydro, biomass and even nuclear, all those advances in alternative energy combined are forecasted to make up only about 7% of our nation's power needs by 2020 -- and that's if all the stars line up for rolling out these new technologies.
Coal is here to stay. In fact, according to government statistics, coal is responsible for 47% of the power generated in the U.S. today. By 2030 the Department of Energy forecasts that coal will account for 51% of power output, an increase of 4% in the wake of all the momentum behind alternative energy. That's a bit of a reality check for the green movement. We need a lot more power generation sooner than the green industry can deliver.
Estimates from leading coal producers forecast that 14 gigawatts of new coal-fired capacity are now under construction in the U.S., representing the addition of roughly 50 million tons of new annual coal demand. These plants will be phased in over the next four years, with half of them expected to start up by the end of 2009. Another 8 gigawatts, representing more than 30 million tons of additional incremental annual coal demand, are in advanced stages of development with the completion of the majority of these plants expected by 2013.
U.S. demand aside, coal producers are rapidly shifting greater percentages of their coal supplies to foreign markets at prices that can run up to 70% above current domestic steam coal index prices. Global thermal coal use continues to increase to fuel the growing number of coal-fueled generating plants. Stockpiles are very low in many nations, and producers and shippers are running at high capacity levels to try to keep pace with demand. The industry has priced significant volumes off of the reference price of $125 per metric ton for Newcastle thermal coal, and strong demand since the settlements has sent spot prices to $175 to $200 per ton.
Unlike oil prices, which have declined almost $30 per barrel in the past month, coal prices have actually increased in four of five categories as published by the Energy Information Agency, a U.S. government reporting agency.
Average Spot Coal Prices (Dollars per Short Ton)
Week Ended Central
Appalachia
12,500 Btu,
1.2 SO2 Northern
Appalachia
13,000 Btu,
<3.0 SO2 Illinois Basin
11,800 Btu,
5.0 SO2 Powder
River Basin
8,800 Btu,
0.8 SO2 Uinta Basin
11,700 Btu,
0.8 SO2
03-July-08 $117.60 $130.00 $70.00 $14.00 $54.00
11-July-08 $134.55 $138.00 $70.00 $14.00 $56.00
18-July-08 $139.30 $138.00 $70.00 $14.00 $56.00
25-July-08 $140.00 $149.00 $71.00 $12.50 $62.00
01-Aug-08 $140.00 $149.00 $71.00 $12.50 $62.00
Source: Energy Information Agency
Coal stocks have been undeservedly punished with the sell off in crude oil, natural gas and agricultural commodities. The real world shows that coal prices are holding up at historical highs going into the month of August. Numbers don't lie, but markets tend of over react and overshoot. I believe the best coal companies listed are tremendous buys at current prices.
The big picture future for coal is cleaning it up. Coal to liquids is just a very critical important new technology for the industry. It will allow coal to be converted and in the process to be cleaned so it becomes a fuel that becomes environmentally compliant. That's really the future for coal, to be a fuel that's environmentally compliant.
The CEO for Joy Global (JOYB), the leading equipment maker for the coal industry, was quoted saying "We already know that coal is very cost efficient. We know it's very reliable. We know there's tremendous security for production in the U.S. Once it's environmentally compliant, we have all the aspects of coal to make it a continued preferred fuel source for power generation, and also on a coal-to-liquids basis it will begin to open up the transportation markets as well. So I think the long-term outlook for coal is very positive, and it's very positive specifically because of the potential for commercial technologies."
smiler o
- 11 Sep 2008 19:44
- 15 of 24
COAL NEWS: LATEST HEADLINES
11 September 2008 07:43 PM London Time
Thai Lanna to open new coal mine in Indonesia by Q4
BANGKOK, Sept 11 (Reuters) - Thai coal miner and ethanol producer Lanna Resources PCL LANN.BK said it planned to open another mine in Indonesia by the fourth quarter to help ease the impact of the forced closure of one of its existing mines there.
The opening had been delayed from earlier this year due to heavy rains in Indonesia, where until recently the company operated two coal mines, business development director Srihasak Arirachchkaran told Reuters on Thursday.
"We want to speed up operating this mine because it should help compensate for the second mine," he said.
Lanna's coal business contributes almost 90 percent of sales and nearly half of profit.
However, in July an Indonesian court revoked the licence of one of its two mines in the country, which was operated by its 55 percent owned Indonesian subsidiary.
The government may grant a new licence for the mine and Lanna could work with the new operator.
Lanna planned to spend $10 million next year to develop the third mine, which should produce about 50,000-100,000 tonnes this year, rising to 1.2-1.5 million tonnes in 2009 and 2 million tonnes in 2010, Srihasak said. Despite the mine closure, rising prices for coal and ethanol should help Lanna show higher earnings this year.
"We still have growth in terms of both the top line and bottom line because prices of coal and ethanol are much better than expected," he said without giving a specific forecast.
Two analysts polled by Reuters Estimates expected a 2008 net profit of 515 million baht ($15 million), up 38 percent. Its first-half net profit rose 9.7 percent to 288 million baht.
Coal prices were expected to rise to $60 per tonne in the second half from the first half's $55, but prices next year are expected to fall in line with global crude prices, Srihasak said.
Its ethanol business, run by subsidiary Thai Agro Energy, is expected to beat a profit target of 100 million baht this year after oil companies placed more orders to boost their inventories for the fourth quarter, he said.
Domestic ethanol output is expected to be 0.9-1.0 million litres a year and rise to 1.5 million litres next year, which should be sufficient to satisfy domestic demand, he said.
Lanna is 45 percent owned by Siam City Cement SCCC.BK, Thailand's second-largest cement producer.
Lanna owns 75.75 percent of Thai Agro Energy, which plans to list on the Thai bourse in the first half of 2009.
Thai Agro plans to sell 200 million new shares to the public and the proceeds will be used to fund the construction of a second ethanol plant. After the listing, Lanna's holding will be diluted to 51 percent, he said.
Thai Agro operates at full capacity, producing 150,000 litres (26,400 gallons) a day, and its second plant would have a daily capacity of 200,000 litres, Srihasak said.
11 September 2008 07:43 PM London Time
Thai Lanna to open new coal mine in Indonesia by Q4
BANGKOK, Sept 11 (Reuters) - Thai coal miner and ethanol producer Lanna Resources PCL LANN.BK said it planned to open another mine in Indonesia by the fourth quarter to help ease the impact of the forced closure of one of its existing mines there.
The opening had been delayed from earlier this year due to heavy rains in Indonesia, where until recently the company operated two coal mines, business development director Srihasak Arirachchkaran told Reuters on Thursday.
"We want to speed up operating this mine because it should help compensate for the second mine," he said.
Lanna's coal business contributes almost 90 percent of sales and nearly half of profit.
However, in July an Indonesian court revoked the licence of one of its two mines in the country, which was operated by its 55 percent owned Indonesian subsidiary.
The government may grant a new licence for the mine and Lanna could work with the new operator.
Lanna planned to spend $10 million next year to develop the third mine, which should produce about 50,000-100,000 tonnes this year, rising to 1.2-1.5 million tonnes in 2009 and 2 million tonnes in 2010, Srihasak said. Despite the mine closure, rising prices for coal and ethanol should help Lanna show higher earnings this year.
"We still have growth in terms of both the top line and bottom line because prices of coal and ethanol are much better than expected," he said without giving a specific forecast.
Two analysts polled by Reuters Estimates expected a 2008 net profit of 515 million baht ($15 million), up 38 percent. Its first-half net profit rose 9.7 percent to 288 million baht.
Coal prices were expected to rise to $60 per tonne in the second half from the first half's $55, but prices next year are expected to fall in line with global crude prices, Srihasak said.
Its ethanol business, run by subsidiary Thai Agro Energy, is expected to beat a profit target of 100 million baht this year after oil companies placed more orders to boost their inventories for the fourth quarter, he said.
Domestic ethanol output is expected to be 0.9-1.0 million litres a year and rise to 1.5 million litres next year, which should be sufficient to satisfy domestic demand, he said.
Lanna is 45 percent owned by Siam City Cement SCCC.BK, Thailand's second-largest cement producer.
Lanna owns 75.75 percent of Thai Agro Energy, which plans to list on the Thai bourse in the first half of 2009.
Thai Agro plans to sell 200 million new shares to the public and the proceeds will be used to fund the construction of a second ethanol plant. After the listing, Lanna's holding will be diluted to 51 percent, he said.
Thai Agro operates at full capacity, producing 150,000 litres (26,400 gallons) a day, and its second plant would have a daily capacity of 200,000 litres, Srihasak said.
smiler o
- 25 Sep 2008 10:04
- 16 of 24
25 September 2008 10:03 AM London Time
EDF Has `Financial Flexibility to Move' on Constellation Energy
Sept. 24 (Bloomberg) -- Electricite de France SA, Europe's biggest power producer, has ``financial flexibility'' for raising its stake in Constellation Energy Group Inc. in order to safeguard planned development of nuclear reactors in the U.S.
``We have financial flexibility to move,'' on Constellation, EDF Chief Executive Officer Pierre Gadonneix said at a news conference today in Paris on a takeover offer for British Energy Group Plc. ``My conviction is that in the U.S. we want to work with an American partner, which was the case until today. If others come along we are open to dialogue with them.''
The French utility has ``determination and rapidity'' to safeguard its goals of developing nuclear reactors in the U.S. and partnerships for their operation, he said.
These were the first comments from Gadonneix, 65, after Electricite de France announced two days ago it offered to acquire Constellation with buyout firms KKR & Co. and TPG Capital LP for $6.2 billion, 32 percent more than Warren Buffett's MidAmerican Energy Holdings Co.
The agreement announced Sept. 18 for MidAmerican to buy Baltimore-based Constellation for $4.7 billion, or $26.50 a share, isn't adequate, Paris-based EDF said in a public filing. Constellation Chief Executive Officer Mayo Shattuck said the Buffett deal was ``superior'' after the largest U.S. power marketer plunged 58 percent in the preceding three days.
The French utility has a joint venture with Constellation, in which it has a 9.5 percent stake, to develop so-called new generation reactor models called EPRs, or Evolutionary Power Reactors, that are capable of producing about 1,600 megawatts of electricity.
The EDF filing was made as Shattuck and MidAmerican CEO Greg Abel told investors and analysts on a conference call that they expect to close their transaction in a year or less.
EDF Has `Financial Flexibility to Move' on Constellation Energy
Sept. 24 (Bloomberg) -- Electricite de France SA, Europe's biggest power producer, has ``financial flexibility'' for raising its stake in Constellation Energy Group Inc. in order to safeguard planned development of nuclear reactors in the U.S.
``We have financial flexibility to move,'' on Constellation, EDF Chief Executive Officer Pierre Gadonneix said at a news conference today in Paris on a takeover offer for British Energy Group Plc. ``My conviction is that in the U.S. we want to work with an American partner, which was the case until today. If others come along we are open to dialogue with them.''
The French utility has ``determination and rapidity'' to safeguard its goals of developing nuclear reactors in the U.S. and partnerships for their operation, he said.
These were the first comments from Gadonneix, 65, after Electricite de France announced two days ago it offered to acquire Constellation with buyout firms KKR & Co. and TPG Capital LP for $6.2 billion, 32 percent more than Warren Buffett's MidAmerican Energy Holdings Co.
The agreement announced Sept. 18 for MidAmerican to buy Baltimore-based Constellation for $4.7 billion, or $26.50 a share, isn't adequate, Paris-based EDF said in a public filing. Constellation Chief Executive Officer Mayo Shattuck said the Buffett deal was ``superior'' after the largest U.S. power marketer plunged 58 percent in the preceding three days.
The French utility has a joint venture with Constellation, in which it has a 9.5 percent stake, to develop so-called new generation reactor models called EPRs, or Evolutionary Power Reactors, that are capable of producing about 1,600 megawatts of electricity.
The EDF filing was made as Shattuck and MidAmerican CEO Greg Abel told investors and analysts on a conference call that they expect to close their transaction in a year or less.
smiler o
- 13 Oct 2008 15:58
- 17 of 24
13 October 2008 03:56 PM London Time
Indonesian government to set monthly coal price
ANTARA quoted Mr Bambang Setiawan director general for mineral resources, coal and geothermal affairs as saying that Indonesian government would set the reference price of coal products in the country each month.
Mr Setiawan said that "The purchase contract of coals will later on be required to refer to the reference price. He said that the reference price will be made based a combination price of the Indonesia Coal Index, Barlow Jonker Index and Global Coal Index.
According to Mr Bambang Setiawan, the energy and mineral resources minister's regulation on the reference price and the domestic market obligation will be issued in November or December 2008.
Mr Setiawan said that for the on going sale purchase contracts, the government has called on parties involved to renegotiate them. He added that "If the price of a contract refers to the Indonesia Coal Index, the price will be too far so that we are calling on the to renegotiate their contracts. And many of them have been following this.
Mr Bambang Setiawan further added that a number of coal buyer countries such as Malaysia, Japan and South Korea have expressed readiness to renegotiate their coal purchase contracts. However, the energy and mineral resources ministry's senior official said, buyers from European countries and the United States are asking that the contracts should be appreciated.
Mr Bambang Setiawan said that "This is a dilemma because if they are forced to do so it is feared that it would disturb the relations among the countries.
Steel Guru - 13-Oct-08
Indonesian government to set monthly coal price
ANTARA quoted Mr Bambang Setiawan director general for mineral resources, coal and geothermal affairs as saying that Indonesian government would set the reference price of coal products in the country each month.
Mr Setiawan said that "The purchase contract of coals will later on be required to refer to the reference price. He said that the reference price will be made based a combination price of the Indonesia Coal Index, Barlow Jonker Index and Global Coal Index.
According to Mr Bambang Setiawan, the energy and mineral resources minister's regulation on the reference price and the domestic market obligation will be issued in November or December 2008.
Mr Setiawan said that for the on going sale purchase contracts, the government has called on parties involved to renegotiate them. He added that "If the price of a contract refers to the Indonesia Coal Index, the price will be too far so that we are calling on the to renegotiate their contracts. And many of them have been following this.
Mr Bambang Setiawan further added that a number of coal buyer countries such as Malaysia, Japan and South Korea have expressed readiness to renegotiate their coal purchase contracts. However, the energy and mineral resources ministry's senior official said, buyers from European countries and the United States are asking that the contracts should be appreciated.
Mr Bambang Setiawan said that "This is a dilemma because if they are forced to do so it is feared that it would disturb the relations among the countries.
Steel Guru - 13-Oct-08
smiler o
- 13 Oct 2008 16:00
- 18 of 24
France, Britain back coal plant climate fix
Monday, Oct 13, 2008
The European Union must fund a new technology to clean up coal plants and fight the twin problems of energy security and climate change, the EUs French presidency and Britains new climate minister say.
Safeguarding the 27-nation blocs energy supply has gone to the top of the EUs agenda after Russias invasion of Georgia, an important gas transit country, in August.
That goal has threatened to overtake another EU priority, climate change, given that the worlds cheapest and most available energy source, coal, emits the most carbon.
In a surprise move this week, EU lawmakers backed about 10 billion euros ($13.7 billion) of aid to test carbon capture and storage (CCS) technology, which scrubs coal plant emissions. Many scientists regard this as the single most important climate fix.
Monday, Oct 13, 2008
The European Union must fund a new technology to clean up coal plants and fight the twin problems of energy security and climate change, the EUs French presidency and Britains new climate minister say.
Safeguarding the 27-nation blocs energy supply has gone to the top of the EUs agenda after Russias invasion of Georgia, an important gas transit country, in August.
That goal has threatened to overtake another EU priority, climate change, given that the worlds cheapest and most available energy source, coal, emits the most carbon.
In a surprise move this week, EU lawmakers backed about 10 billion euros ($13.7 billion) of aid to test carbon capture and storage (CCS) technology, which scrubs coal plant emissions. Many scientists regard this as the single most important climate fix.
smiler o
- 14 Oct 2008 09:49
- 19 of 24
TORONTO, ONTARIO, Oct 14, 2008 (MARKET WIRE via COMTEX) ----Homeland Energy Group Ltd. (TSX: HEG) ('Homeland' or 'the Company'), announces the results of an independent technical report (ITR) confirming resources and reserves for the Appolo Fuels mines, located along the Kentucky/Tennessee border in the United States. The report, undertaken by Norwest Corporation for Homeland Energy Group, confirms a measured and indicated mineral resource of 114 million short tons (103 million metric tonnes) with a saleable mineral reserve of 45 million short tons (41 million metric tonnes).
The technical report was compiled by Norwest as the culmination of Homeland's due diligence efforts in the acquisition of Appolo Fuels and associated coal marketing company, Diversified Energy. The report used a number of assumptions to arrive at a reasonable valuation for Appolo mines. Assumptions include:
- Long term coal price of US$90 per short ton (Free on Board rail car),
- Cash operating costs ranging from US$60 per short ton in the early years to $70 and $80 per short ton in the latter years,
- Capital expenditures ranging from $2.3 million in the earlier years to $10 million in mid years and decreasing again towards the end of the mine life, and
- 15% discount rate and a zero rate of inflation applied to both costs and coal prices.
Based on these assumptions, (outlined in greater detail in the report filed on www.sedar.com) Norwest's technical report supports a net present value of US$353 million for the Appolo mines, pretax constant dollar as at January 1, 2009.
The resource estimate (see Table 1) in the Norwest report is based on recent and historic drilling done on the Appolo mines properties.
Table 1 - Summary of estimated in-situ mineral
resources -------------------------------------------------------------------------- Inferred Measured Indicated M+I --------------------------------------------------------------------------
Surface (M short tons) 5.4 26.1 14.3 40.4 -------------------------------------------------------------------------- Underground
(M short tons) 12.3 55.2 18.77 74.0 -------------------------------------------------------------------------- --------------------------------------------------------------------------
Total (M short tons) 17.7 81.3 33.0 114.4 -------------------------------------------------------------------------- To estimate proven and probable mineral reserves (see Table 2), Norwest applied a 25-year mine plan to both the surface and underground Measured & Indicated resources. This mine plan was based on current operations and does not take into account the plans of Appolo management, endorsed by Homeland Management, for increased production in coming years.
Table 2 - Summary
of estimated clean, recoverable mineral reserves for Appolo coal mines --------------------------------------------------------------------------
Proven Probable P+P -------------------------------------------------------------------------- Clean surface reserves (M short
tons) 14.0 6.4 20.4 -------------------------------------------------------------------------- Clean underground reserves
(M short tons) 18.2 6.2 24.4 -------------------------------------------------------------------------- Total clean reserves
(M short tons) 32.2 12.6 44.8 -------------------------------------------------------------------------- Appolo Fuels' headquarters are located on the outskirts of Middlesboro, Kentucky, a town with a population of about 12,000, while Diversified Energy's office is located in Knoxville, Tennessee. The Appolo mining operations are situated west of Middlesboro on property leaseholds totalling approximately 33,000 acres, and are located in both Bell County, Kentucky and Claiborne County, Tennessee. Appolo's operations consist of three company operated surface mines equipped with highwall miners; one surface mine operated by a contractor with a highwall miner; one contractor operated underground mine; and a preparation plant and rail load-out facility. Appolo has been operating on these properties since 1972, with total production in 2005, 2006, and 2007 being 1.3 million (M: 11.04, +1.12, +11.29%), 1.3M, and 1.2M clean short tons, respectively.
Within the Appolo property there are approximately nine coal zones. These coal zones are further divided into major and minor coal horizons. Overall resources were estimated for 29 different coal horizons. Coals on the Appolo properties are ranked High Volatile Bituminous A and generally utilized as thermal coal in the industrial and electric utility industries. Appolo currently produces two high grade thermal coals that are sold into the industrial market: a generally less than 1% sulphur product and an over 2.5% sulphur product. Numerous companies have conducted exploration programs on the current Appolo and adjoining properties. Appolo has drilled 478 holes since 1977. Drilling data from other local sources were also made available to Norwest. In total, data for 748 holes were provided to Norwest for evaluation.
The Qualified Persons for the preparation of the independent technical report, under the definition provided by Canadian National Instrument 43-101, are Mr. Warren A. Evenson, P. Geol. a senior geologist with Norwest,; Mr. R. Kevin Whipkey P.E., a professional mining engineer employed by Norwest, and David Miller, P.E. a professional mining engineer employed by Norwest. Mr. Evenson, Mr. Whipkey and Mr. Miller have reviewed and verified the technical content of this press release.
A copy of Norwest's Independent Technical Report on Appolo Fuels' properties has been filed on SEDAR and may be accessed at www.sedar.com.
Homeland Energy Group Ltd. (TSX: HEG) is a coal producer with operations the Witbank area of South Africa. The company also has a large-scale development property in South Africa and exploration interests in Southern Africa. Homeland is currently negotiating to acquire interests in a number of additional coal properties in eastern South Africa and neighbouring countries as well as in the United States. Homeland is a significant shareholder in Homeland Uranium Inc., a Canadian uranium exploration and development focused on projects in Niger and the United States. Homeland also has an aggressive global acquisition strategy with a focus on energy resources.
Homeland Energy Group Ltd. is currently traded on the Toronto Stock Exchange under the symbol "HEG" with 150,079,642 common shares issued and outstanding. www.homelandenergygroup.com.
Forward-Looking Statements
"This press release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential mineralization, potential mineral resources and mineral reserves and the Company's exploration and development plans with respect to Appolo mines) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to establish estimated mineral resources or mineral reserves (the mineral resource and mineral reserve figures for Appolo are estimates and no assurances can be given that the indicated levels of coal will be produced), the possibility that future exploration results will not be consistent with the Company's expectations, coal recoveries for Appolo mines being less than those indicated by the drilling carried out to date, fluctuations in coal prices and operating costs, changes in world coal markets and equity markets, political developments in the United States, fluctuations in currency exchange rates, inflation, changes to regulations affecting the Company's activities, uncertainties relating to the availability and costs of financing needed in the future, the uncertainties involved in interpreting drilling results and other geological data and the other risks disclosed under the heading "Risk Factors" in the Company's quarterly Management Discussion and Analyses filed on SEDAR at www.sedar.com. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, The Company does not intend and does not assume any obligation to update these forward-looking statements. Shareholders are cautioned not to put undue reliance on such forward-looking statements."
The technical report was compiled by Norwest as the culmination of Homeland's due diligence efforts in the acquisition of Appolo Fuels and associated coal marketing company, Diversified Energy. The report used a number of assumptions to arrive at a reasonable valuation for Appolo mines. Assumptions include:
- Long term coal price of US$90 per short ton (Free on Board rail car),
- Cash operating costs ranging from US$60 per short ton in the early years to $70 and $80 per short ton in the latter years,
- Capital expenditures ranging from $2.3 million in the earlier years to $10 million in mid years and decreasing again towards the end of the mine life, and
- 15% discount rate and a zero rate of inflation applied to both costs and coal prices.
Based on these assumptions, (outlined in greater detail in the report filed on www.sedar.com) Norwest's technical report supports a net present value of US$353 million for the Appolo mines, pretax constant dollar as at January 1, 2009.
The resource estimate (see Table 1) in the Norwest report is based on recent and historic drilling done on the Appolo mines properties.
Table 1 - Summary of estimated in-situ mineral
resources -------------------------------------------------------------------------- Inferred Measured Indicated M+I --------------------------------------------------------------------------
Surface (M short tons) 5.4 26.1 14.3 40.4 -------------------------------------------------------------------------- Underground
(M short tons) 12.3 55.2 18.77 74.0 -------------------------------------------------------------------------- --------------------------------------------------------------------------
Total (M short tons) 17.7 81.3 33.0 114.4 -------------------------------------------------------------------------- To estimate proven and probable mineral reserves (see Table 2), Norwest applied a 25-year mine plan to both the surface and underground Measured & Indicated resources. This mine plan was based on current operations and does not take into account the plans of Appolo management, endorsed by Homeland Management, for increased production in coming years.
Table 2 - Summary
of estimated clean, recoverable mineral reserves for Appolo coal mines --------------------------------------------------------------------------
Proven Probable P+P -------------------------------------------------------------------------- Clean surface reserves (M short
tons) 14.0 6.4 20.4 -------------------------------------------------------------------------- Clean underground reserves
(M short tons) 18.2 6.2 24.4 -------------------------------------------------------------------------- Total clean reserves
(M short tons) 32.2 12.6 44.8 -------------------------------------------------------------------------- Appolo Fuels' headquarters are located on the outskirts of Middlesboro, Kentucky, a town with a population of about 12,000, while Diversified Energy's office is located in Knoxville, Tennessee. The Appolo mining operations are situated west of Middlesboro on property leaseholds totalling approximately 33,000 acres, and are located in both Bell County, Kentucky and Claiborne County, Tennessee. Appolo's operations consist of three company operated surface mines equipped with highwall miners; one surface mine operated by a contractor with a highwall miner; one contractor operated underground mine; and a preparation plant and rail load-out facility. Appolo has been operating on these properties since 1972, with total production in 2005, 2006, and 2007 being 1.3 million (M: 11.04, +1.12, +11.29%), 1.3M, and 1.2M clean short tons, respectively.
Within the Appolo property there are approximately nine coal zones. These coal zones are further divided into major and minor coal horizons. Overall resources were estimated for 29 different coal horizons. Coals on the Appolo properties are ranked High Volatile Bituminous A and generally utilized as thermal coal in the industrial and electric utility industries. Appolo currently produces two high grade thermal coals that are sold into the industrial market: a generally less than 1% sulphur product and an over 2.5% sulphur product. Numerous companies have conducted exploration programs on the current Appolo and adjoining properties. Appolo has drilled 478 holes since 1977. Drilling data from other local sources were also made available to Norwest. In total, data for 748 holes were provided to Norwest for evaluation.
The Qualified Persons for the preparation of the independent technical report, under the definition provided by Canadian National Instrument 43-101, are Mr. Warren A. Evenson, P. Geol. a senior geologist with Norwest,; Mr. R. Kevin Whipkey P.E., a professional mining engineer employed by Norwest, and David Miller, P.E. a professional mining engineer employed by Norwest. Mr. Evenson, Mr. Whipkey and Mr. Miller have reviewed and verified the technical content of this press release.
A copy of Norwest's Independent Technical Report on Appolo Fuels' properties has been filed on SEDAR and may be accessed at www.sedar.com.
Homeland Energy Group Ltd. (TSX: HEG) is a coal producer with operations the Witbank area of South Africa. The company also has a large-scale development property in South Africa and exploration interests in Southern Africa. Homeland is currently negotiating to acquire interests in a number of additional coal properties in eastern South Africa and neighbouring countries as well as in the United States. Homeland is a significant shareholder in Homeland Uranium Inc., a Canadian uranium exploration and development focused on projects in Niger and the United States. Homeland also has an aggressive global acquisition strategy with a focus on energy resources.
Homeland Energy Group Ltd. is currently traded on the Toronto Stock Exchange under the symbol "HEG" with 150,079,642 common shares issued and outstanding. www.homelandenergygroup.com.
Forward-Looking Statements
"This press release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential mineralization, potential mineral resources and mineral reserves and the Company's exploration and development plans with respect to Appolo mines) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to establish estimated mineral resources or mineral reserves (the mineral resource and mineral reserve figures for Appolo are estimates and no assurances can be given that the indicated levels of coal will be produced), the possibility that future exploration results will not be consistent with the Company's expectations, coal recoveries for Appolo mines being less than those indicated by the drilling carried out to date, fluctuations in coal prices and operating costs, changes in world coal markets and equity markets, political developments in the United States, fluctuations in currency exchange rates, inflation, changes to regulations affecting the Company's activities, uncertainties relating to the availability and costs of financing needed in the future, the uncertainties involved in interpreting drilling results and other geological data and the other risks disclosed under the heading "Risk Factors" in the Company's quarterly Management Discussion and Analyses filed on SEDAR at www.sedar.com. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, The Company does not intend and does not assume any obligation to update these forward-looking statements. Shareholders are cautioned not to put undue reliance on such forward-looking statements."
smiler o
- 29 Jan 2012 11:33
- 20 of 24
Company's plan for coal gasification in Swansea Bay
An energy company has revealed it wants to apply for planning permission and a permit to drill for coal and extract the gas from under Swansea Bay.
Clean Coal Ltd has five licences around the coast of Britain and is trying to locate reserves which are off shore and too deep to be mined traditionally.
It is thought up to 1bn tonnes of coal could lie beneath the surface.
But environmental group WWF Cymru says the focus should be on renewable energy not fossil fuels.
During the past two years the Coal Authority, on behalf of the Department of Energy and Climate Change, have - without much publicity - issued 18 underground coal gasification (UCG) licences.
Most are off the east coast of England and Scotland. The 77 sq km Swansea Bay licence is the only one in Welsh waters.
Shaun Lavis, Clean Coal Ltd's senior geoscientist, said: "We're expecting to find up to around a billion tonnes of coal actually in place under the whole of Swansea Bay in our licence area.
"What we hope to do is undertake an exploration programme to identify an area of around 30 to 50m tonnes or so of that coal that's suited for underground coal gasification."
He said UCG was more controlled than burning and did not produce as much heat and carbon dioxide.
He added: "Furthermore, what happens when you gasify the coal in the subsurface, is that a lot of the ash, or most of the ash and sulphur compounds will actually stay underground as well, so you don't have the issues with ash disposal and so forth that you might do with a conventional coal-fired power station."
The basic idea of UCG is that you find coal seams which are up to 500m (1,641 ft) underground - far too deep to mine, and probably too expensive and dangerous as well.
After drilling to find coal, a newer technology of horizontal drilling modified from the oil industry would then allow air and oxygen to be injected down to ignite the coal.
Oxygen combusts with the coal-producing synthesis gas - a combination of carbon dioxide, carbon monoxide, methane and hydrogen. The gas, or syngas, could then be piped to the surface via another borehole.
Swansea councillor Darren Price said members of the public would welcome potential job creation.
However, he added: "From a personal point of view, I want to see a lot more research and analysis in terms of the process and any potential negative impact environmentally."
He said it was still an "unknown process" and that the safety of local residents would be "paramount" when it came to the issue of storing gas
http://www.bbc.co.uk/news/uk-wales-16567883
An energy company has revealed it wants to apply for planning permission and a permit to drill for coal and extract the gas from under Swansea Bay.
Clean Coal Ltd has five licences around the coast of Britain and is trying to locate reserves which are off shore and too deep to be mined traditionally.
It is thought up to 1bn tonnes of coal could lie beneath the surface.
But environmental group WWF Cymru says the focus should be on renewable energy not fossil fuels.
During the past two years the Coal Authority, on behalf of the Department of Energy and Climate Change, have - without much publicity - issued 18 underground coal gasification (UCG) licences.
Most are off the east coast of England and Scotland. The 77 sq km Swansea Bay licence is the only one in Welsh waters.
Shaun Lavis, Clean Coal Ltd's senior geoscientist, said: "We're expecting to find up to around a billion tonnes of coal actually in place under the whole of Swansea Bay in our licence area.
"What we hope to do is undertake an exploration programme to identify an area of around 30 to 50m tonnes or so of that coal that's suited for underground coal gasification."
He said UCG was more controlled than burning and did not produce as much heat and carbon dioxide.
He added: "Furthermore, what happens when you gasify the coal in the subsurface, is that a lot of the ash, or most of the ash and sulphur compounds will actually stay underground as well, so you don't have the issues with ash disposal and so forth that you might do with a conventional coal-fired power station."
The basic idea of UCG is that you find coal seams which are up to 500m (1,641 ft) underground - far too deep to mine, and probably too expensive and dangerous as well.
After drilling to find coal, a newer technology of horizontal drilling modified from the oil industry would then allow air and oxygen to be injected down to ignite the coal.
Oxygen combusts with the coal-producing synthesis gas - a combination of carbon dioxide, carbon monoxide, methane and hydrogen. The gas, or syngas, could then be piped to the surface via another borehole.
Swansea councillor Darren Price said members of the public would welcome potential job creation.
However, he added: "From a personal point of view, I want to see a lot more research and analysis in terms of the process and any potential negative impact environmentally."
He said it was still an "unknown process" and that the safety of local residents would be "paramount" when it came to the issue of storing gas
http://www.bbc.co.uk/news/uk-wales-16567883
smiler o
- 30 Jan 2012 11:44
- 21 of 24
Guildford Coal plans to start Mongolian coking coal production mid-2012
Melbourne (Platts)--30Jan2012/137 am EST/637 GMT
Australian coal producer Guildford Coal aims to start mining at its South Gobi coking coal project in Mongolia in mid-2012, after it received its mining licence for the project Monday, the company said in a statement.
The South Gobi project has the ability to support near-term development with the potential to be a 4 million mt/year coking coal operation.
Guildford expects South Gobi to have production costs of around $20/mt ROM and forecasts selling prices of around $60/mt for raw semi-soft coking coal.
South Gobi is located in the South Gobi province of Mongolia and around 60 km from the Chinese border station of Ceke, where coal from Mongolia is currently transported through China.
Guildford said in the statement that the target customers for its coal are the growing markets in China's Gansu province, Inner Mongolia and Shanxi province.
The company expects to have an off-take agreement for the coal by the end of the first quarter 2012.
Guildford Coal also has an equity share in seven tenements contained in two projects in Mongolia through its shareholding in Terra Energy. The coal projects are located in the South Gobi and Middle Gobi coal bearing basins which contain thermal and coking coals. It also has coal tenements in Queensland's Bowen Basin.
http://www.platts.com/RSSFeedDetailedNews/RSSFeed/Coal/7098514
Melbourne (Platts)--30Jan2012/137 am EST/637 GMT
Australian coal producer Guildford Coal aims to start mining at its South Gobi coking coal project in Mongolia in mid-2012, after it received its mining licence for the project Monday, the company said in a statement.
The South Gobi project has the ability to support near-term development with the potential to be a 4 million mt/year coking coal operation.
Guildford expects South Gobi to have production costs of around $20/mt ROM and forecasts selling prices of around $60/mt for raw semi-soft coking coal.
South Gobi is located in the South Gobi province of Mongolia and around 60 km from the Chinese border station of Ceke, where coal from Mongolia is currently transported through China.
Guildford said in the statement that the target customers for its coal are the growing markets in China's Gansu province, Inner Mongolia and Shanxi province.
The company expects to have an off-take agreement for the coal by the end of the first quarter 2012.
Guildford Coal also has an equity share in seven tenements contained in two projects in Mongolia through its shareholding in Terra Energy. The coal projects are located in the South Gobi and Middle Gobi coal bearing basins which contain thermal and coking coals. It also has coal tenements in Queensland's Bowen Basin.
http://www.platts.com/RSSFeedDetailedNews/RSSFeed/Coal/7098514
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