Swaps lose $5/mt on oil price crash

European API2 (CIF ARA) coal swaps were shorn of around $5/mt Tuesday after a mid-afternoon crash in crude oil prices caused a spurt of late paper selling. Traders said that after a choppy start to the session with prices seesawing, API2 and API4 contracts had dropped on average $6/mt lower before finding support to close around $5/mt down day-on-day. At the close of trading, Platts assessed the API2 Cal-09 contract at $200.50/mt, down $4.50/mt day-on-day.
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Queensland may boost exports by 40%

The Queensland State government said it is considering three new coal mine projects and the development of Australia’s first coal port in 25 years that would boost the state’s coal export capacity by 40%.
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Newcastle prices take a breather

The rapid escalation in prices paid for spot Newcastle steam coal traded out of Newcastle, New South Wales appears to have halted late last week.

“It’s the first fall in Newcastle prices which have been on an upward trajectory for weeks,” said coal market analyst Andrew Harrington at Australian stockbroker Patersons Securities. Newcastle spot prices had been gathering momentum since early April when Japanese utilities fixed their 2008 fiscal year coal contracts at $125/mt and peaked at close to $200/mt FOB last week.
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Austalian General News Flash

Whitehaven Coal has been granted a mining lease on the Rocglen (previously Belmont) concession located 28 km north of Gunnedah NSW. Production at the 1.5Mtpa thermal PCI mine is scheduled to start Q4’08. Development cost A$35M.
• Gujarat NRE Coke Limited announced its first shipment of more than 20kt of coking coal to India from its recently acquired NRE Wongawilli colliery. The coal will be washed in India.
• According to the Australian financial press South Korean steelmaker Posco is trying to buy a stake in Macarthur Coal.
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Australia’s coal bottlenecks ‘to cost billions’

Date

Jun 17, 2008

Country

Australia

Category

Energy/ResourcesIndustrials


AUSTRALIA will miss out on exports worth billions of dollars over the next decade because infrastructure in central Queensland will not keep pace with projected demand, according to coal tycoon Ken Talbot.

Mr Talbot, who owns 20 per cent of listed mining company Macarthur Coal, also told a Brisbane conference yesterday that the privatisation of the troubled port of Dalrymple Bay in central Queensland in 2002 had not worked and government and industry should buy it back.

Coal from the Bowen Basin in central Queensland is shipped through Abbott Point, Dalrymple Bay and Gladstone ports. All are being expanded following concerns about bottlenecks that have resulted in queues of up to 50 ships waiting off Dalrymple Bay, which is owned by investment giant Babcock and Brown.

“But even with those port upgradings, it will be 2010 before all those ports are working at their upgraded level, and that makes the current 10 years the decade of lost opportunity,” Mr Talbot said yesterday.
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Aquila Resources has announced an tonnage increasing

Aquila Resources has announced an increase of 1.211billion tonnes to the resource statement for the Belvedere Coal Project (Aquila 24.5%) to 3.866Bt (indicated 1.526Bt & inferred 2.34Bt).

Gujarat NRE Minerals Ltd reported a loss

Gujarat NRE Minerals Ltd reported a loss of A$8.044M on revenue of A$45.9M for the year ending 31 March 2008. Total coal production from the NRE No 1 colliery was 0.487Mt.