Monday, 27 Feb 2012
Reuters reported that Mozambique will not issue any more new coal prospecting licenses for its Tete province, where the likes of Rio Tinto and Vale have started a global rush in search for coking coal.
The former Portuguese colony has seen a flood of foreign investment on the back of a boom in its coal mining sector, with Tete estimated to hold one of the world's largest reserves of coking coal, used in the production of steel.
Those not already active in the country have been setting up offices in the southern African country, hoping to get a foothold there via future licensing rounds.
Mozambiue national mining inspector Mr Afonso Mabica told Reuters that “Tete is now overloaded with coal projects. We now want to concentrate on the existing licenses and projects. If we find companies which are not complying or giving up, we will take their licenses back. Eventually, we can decide to issue new licenses.”
The decision will not affect those who already hold a prospecting licence and who will eventually need to get a mining permit as their projects advance.
Official figures show some 112 coal licenses had been issued to 45 national and international companies for the Tete province. So far only Vale has begun exporting coal.
Earlier the minister for mineral resources said that a new mining law, which will go for approval in April, will not propose any changes to the current tax regime and any changes will be small and seek to streamline and simplify procedures rather than erect additional hurdles for investors.
Ms Esperanca Bias told a news conference that “The new mining law will not tamper with taxation. There is no need because we charge the same tax that is charged in the region, in the specific case of coal it is 3% of revenues.”
She said it would be unfair to change the taxes when apart from Vale the mining firms had yet to get any returns on their investment in the country.
(Sourced from Reuters)
Showing posts with label license. Show all posts
Showing posts with label license. Show all posts
Monday, February 27, 2012
Saturday, January 21, 2012
Joda mines office suspends 121 trading licences
Saturday, 21 Jan 2012
BS reported that deputy director of mines for Joda circle has suspended 121 mineral trading licences for not submitting transaction reports.
The local mines director had recently ordered 357 traders in the region to submit details of trading transactions out of which 121 did not respond. The DDM is currently scrutinizing the submitted returns and said strict action will be taken on those who have given false information.
Mr UC Jena DDM of Joda said that “We took action on 121 traders for not complying with the order to submit returns related to transactions. Several other licences might also get suspended very soon.”
Sources said that the strict action from the Joda office is in sync with the state government policy to discourage intermediaries in mineral trade.
The state government, in December, decided not to issue any trading licences for mineral transshipment and also barred trader to trader mineral sale through a notification. It said the stockyards used for transshipment have been main source of illegal mineral trading.
The order issued from state steel and mines department said that “Intermediate stockyards which operate between the source of mineral and the point of end use (ports or steel plants) have the potential to facilitate illegal mining activities on the account of their location in such geographically distributed manner making it difficult to put an effective monitoring mechanism in place.”
(Sourced from BS)
BS reported that deputy director of mines for Joda circle has suspended 121 mineral trading licences for not submitting transaction reports.
The local mines director had recently ordered 357 traders in the region to submit details of trading transactions out of which 121 did not respond. The DDM is currently scrutinizing the submitted returns and said strict action will be taken on those who have given false information.
Mr UC Jena DDM of Joda said that “We took action on 121 traders for not complying with the order to submit returns related to transactions. Several other licences might also get suspended very soon.”
Sources said that the strict action from the Joda office is in sync with the state government policy to discourage intermediaries in mineral trade.
The state government, in December, decided not to issue any trading licences for mineral transshipment and also barred trader to trader mineral sale through a notification. It said the stockyards used for transshipment have been main source of illegal mineral trading.
The order issued from state steel and mines department said that “Intermediate stockyards which operate between the source of mineral and the point of end use (ports or steel plants) have the potential to facilitate illegal mining activities on the account of their location in such geographically distributed manner making it difficult to put an effective monitoring mechanism in place.”
(Sourced from BS)
Tuesday, August 30, 2011
Manufacturing not an economic maybe
August 31, 2011 By Ian Porter, SMH
MANUFACTURING is not a take it or leave it option for Australia.
It has to be a central part of the economy in coming decades if the Australian population is not to get dragged into a race to the bottom in terms of living standards.
The exact split between primary, secondary and tertiary industries in a healthy economy cannot be defined by any formula, but the potential for a sharp shrinking of the Australian manufacturing sector threatens to seriously unbalance the economy and lead to social disruption in coming decades.
The minerals boom and the resultant very high value of the Australian dollar pose a threat to manufacturing of a scale never seen before.
Sixty years ago, when the wool boom sent the currency soaring, the local manufacturing sector - just getting started under an umbrella of federal government industrialisation policies - was protected by tariffs and a relative lack of goods to import from Europe and Asia.
Fast-forward to the present and those elements that "saved" manufacturing back then are absent. There are no tariffs any more and there are many sources of cheap imports.
It has been suggested that the minerals boom could last 20 years - or as long as it takes China to lift 1.4 billion people out of poverty. If the Australian dollar stays where it is now for that long, the consequences for manufacturing, and the people dependent on it, would be dire.
As BlueScope and the carmakers have found, it is impossible to export when the Australian dollar is above parity with the US dollar. And that sort of valuation also makes imports abnormally cheap.
It is not just manufacturing workers and their families who will suffer. Even if they do find other work - and there are not one million jobs out there in the market waiting to be filled - it is unlikely to pay as well, leading to an adverse impact on their own standard of living, but also on that of almost every other Australian.
The drop in living standards caused by a decline in manufacturing will flow into the economy. There will be reduced demand for goods. Even if those goods are imported, the retailers - who comprise one of the largest employment sectors in the economy - will sell fewer of them.
Rushing into tertiary industry - services - will not help. With fewer people employed, there will be less demand for everything, whether it's haircuts or legal services, IT services or shoe-shining. Australia has been lucky and lazy in the past. Instead of processing many of its own primary products like wool, foodstuffs and minerals, it has simply shipped them offshore and let someone else earn the manufacturer's margin.
The wealth foregone is almost unimaginable. It's the manufacturing margin where the wealth is created. A $50 strip of steel can be converted into a $700 refrigerator, 10¢ worth of wool into a $2 pair of socks.
Australia has a chronic trade deficit problem and it's no wonder. We sell iron ore at $180 a tonne and import it back in the form of cars at a rate of $20,000 a tonne.
If Australian manufacturing is to survive in the long term, we need to pull back a lot of this processing onshore and create the wealth here. And we should start with the sector that is visiting the mayhem on manufacturing - minerals.
This is what the federal government had in mind when it first granted export licences to BHP and Rio Tinto (then CRA) when they proposed giant ore mines in Western Australia. One condition was that they beneficiate (process) a proportion of the ore into a value-added product.
Forty years on and there is still nothing concrete to show. BHP lost billions when its hot briquetted iron plant blew up - although its pellet plants in Brazil work fine - and RTZ is still fiddling with a smelting system that is supposed to produce pig iron more efficiently.
Does the parlous state of manufacturing mean that all the protection and assistance over the past six decades and more has been wasted? Far from it.
The industry assistance plans have helped manufacturing overcome a crucial shortcoming in Australia, a small domestic market. Purists would say a country with a small domestic market should not aspire to make cars, refrigerators or even steel if the market can't support them with no assistance.
But that ignores the stimulus manufacturing provides in many areas, whether it's education and the trades or management or innovation, quite apart from employment and general economic activity.
Manufacturing itself is a multiplier of value, turning basic materials - steel, aluminium, plastic, glass, rubber - and components like electronics into products worth much more than the core ingredients.
Yes, other countries may be able to do it cheaper, especially when the Australian dollar is ridiculously overvalued, but importing products creates few jobs in Australia, and low-paid ones at that.
MANUFACTURING is not a take it or leave it option for Australia.
It has to be a central part of the economy in coming decades if the Australian population is not to get dragged into a race to the bottom in terms of living standards.
The exact split between primary, secondary and tertiary industries in a healthy economy cannot be defined by any formula, but the potential for a sharp shrinking of the Australian manufacturing sector threatens to seriously unbalance the economy and lead to social disruption in coming decades.
The minerals boom and the resultant very high value of the Australian dollar pose a threat to manufacturing of a scale never seen before.
Sixty years ago, when the wool boom sent the currency soaring, the local manufacturing sector - just getting started under an umbrella of federal government industrialisation policies - was protected by tariffs and a relative lack of goods to import from Europe and Asia.
Fast-forward to the present and those elements that "saved" manufacturing back then are absent. There are no tariffs any more and there are many sources of cheap imports.
It has been suggested that the minerals boom could last 20 years - or as long as it takes China to lift 1.4 billion people out of poverty. If the Australian dollar stays where it is now for that long, the consequences for manufacturing, and the people dependent on it, would be dire.
As BlueScope and the carmakers have found, it is impossible to export when the Australian dollar is above parity with the US dollar. And that sort of valuation also makes imports abnormally cheap.
It is not just manufacturing workers and their families who will suffer. Even if they do find other work - and there are not one million jobs out there in the market waiting to be filled - it is unlikely to pay as well, leading to an adverse impact on their own standard of living, but also on that of almost every other Australian.
The drop in living standards caused by a decline in manufacturing will flow into the economy. There will be reduced demand for goods. Even if those goods are imported, the retailers - who comprise one of the largest employment sectors in the economy - will sell fewer of them.
Rushing into tertiary industry - services - will not help. With fewer people employed, there will be less demand for everything, whether it's haircuts or legal services, IT services or shoe-shining. Australia has been lucky and lazy in the past. Instead of processing many of its own primary products like wool, foodstuffs and minerals, it has simply shipped them offshore and let someone else earn the manufacturer's margin.
The wealth foregone is almost unimaginable. It's the manufacturing margin where the wealth is created. A $50 strip of steel can be converted into a $700 refrigerator, 10¢ worth of wool into a $2 pair of socks.
Australia has a chronic trade deficit problem and it's no wonder. We sell iron ore at $180 a tonne and import it back in the form of cars at a rate of $20,000 a tonne.
If Australian manufacturing is to survive in the long term, we need to pull back a lot of this processing onshore and create the wealth here. And we should start with the sector that is visiting the mayhem on manufacturing - minerals.
This is what the federal government had in mind when it first granted export licences to BHP and Rio Tinto (then CRA) when they proposed giant ore mines in Western Australia. One condition was that they beneficiate (process) a proportion of the ore into a value-added product.
Forty years on and there is still nothing concrete to show. BHP lost billions when its hot briquetted iron plant blew up - although its pellet plants in Brazil work fine - and RTZ is still fiddling with a smelting system that is supposed to produce pig iron more efficiently.
Does the parlous state of manufacturing mean that all the protection and assistance over the past six decades and more has been wasted? Far from it.
The industry assistance plans have helped manufacturing overcome a crucial shortcoming in Australia, a small domestic market. Purists would say a country with a small domestic market should not aspire to make cars, refrigerators or even steel if the market can't support them with no assistance.
But that ignores the stimulus manufacturing provides in many areas, whether it's education and the trades or management or innovation, quite apart from employment and general economic activity.
Manufacturing itself is a multiplier of value, turning basic materials - steel, aluminium, plastic, glass, rubber - and components like electronics into products worth much more than the core ingredients.
Yes, other countries may be able to do it cheaper, especially when the Australian dollar is ridiculously overvalued, but importing products creates few jobs in Australia, and low-paid ones at that.
Monday, August 22, 2011
ENRC raise costs and timeline for Brazil BML iron ore project
Monday, 22 Aug 2011
Dow Jones reported that Eurasian Natural Resources Corp has increased the costs and timeline for developing and commissioning its BML iron ore project in Brazil.
The report quoted Mr Felix Vulis CEO of ENRC as saying that it now expects the 19.5 million tonne a year BML project to cost USD 2.3 billion to develop, up from a previous estimate of USD 2.1 billion, largely due to the appreciation of the Brazilian real.
He said that "The whole cost is approximately 2.3 billion. We do not anticipate any moves in that number because the model has been updated to take into consideration further appreciation in the real against the dollar.”
The project has also been delayed by about year, due to the relocation of the port and is now forecast to start commissioning at the end of 2014.
Mr Vulis said the company expects the license for the port, which had to be relocated, will be awarded in the first half of 2012.
(Sourced from Dow Jones Newswires)
Dow Jones reported that Eurasian Natural Resources Corp has increased the costs and timeline for developing and commissioning its BML iron ore project in Brazil.
The report quoted Mr Felix Vulis CEO of ENRC as saying that it now expects the 19.5 million tonne a year BML project to cost USD 2.3 billion to develop, up from a previous estimate of USD 2.1 billion, largely due to the appreciation of the Brazilian real.
He said that "The whole cost is approximately 2.3 billion. We do not anticipate any moves in that number because the model has been updated to take into consideration further appreciation in the real against the dollar.”
The project has also been delayed by about year, due to the relocation of the port and is now forecast to start commissioning at the end of 2014.
Mr Vulis said the company expects the license for the port, which had to be relocated, will be awarded in the first half of 2012.
(Sourced from Dow Jones Newswires)
Friday, August 19, 2011
Zimbabwe gives foreign firms 14-day empowerment
Fri Aug 19, 2011
By Nelson Banya, Reuters
HARARE (Reuters) - Zimbabwe's government has given foreign firms, including mines and banks, a 14-day ultimatum to submit "acceptable" plans on how they propose to transfer majority stakes to local owners or risk losing permits, state media reported on Friday.
The firms include platinum miners Zimplats, which is majority owned by Impala Platinum (Implats), and Mimosa, Implats's 50-50 joint venture with Aquarius Platinum. Others include Rio Tinto's Murowa diamond mine, British American Tobacco and local units of British banks, Standard Chartered and Barclays.
The companies risk losing their operating licences if they do not submit the ownership plans, the state-controlled Herald newspaper reported.
Indigenisation and Empowerment Minister Saviour Kasukuwere wrote to the firms on July 28, informing them they had failed to provide acceptable details of how they proposed to transfer 51 percent shareholdings to local people within the five years stipulated by the law, the newspaper said.
In March, Kasukuwere gave mining firms 45 days to file empowerment plans and imposed a September 30 deadline for the transfer of ownership.
The deadline to submit empowerment plans has since passed.
Last month, Kasukuwere told a conference the government had rejected 175 empowerment plans from mines which mostly proposed selling 25 percent shareholdings, with 26 percent being made up of credits awarded for social investments made in infrastructure, health and education facilities.
Zimbabwe's coalition government set up by President Robert Mugabe and his rival Prime Minister Morgan Tsvangirai two years ago following disputed elections is divided over the implementation of the empowerment law, enacted in 2008 and championed by the president's ZANU-PF party.
Tsvangirai has warned that the law threatens Zimbabwe's economic recovery, which started after the formation of the power-sharing government in 2009, following a decade in which GDP shrank by as much as 50 percent, according to official figures.
By Nelson Banya, Reuters
HARARE (Reuters) - Zimbabwe's government has given foreign firms, including mines and banks, a 14-day ultimatum to submit "acceptable" plans on how they propose to transfer majority stakes to local owners or risk losing permits, state media reported on Friday.
The firms include platinum miners Zimplats, which is majority owned by Impala Platinum (Implats), and Mimosa, Implats's 50-50 joint venture with Aquarius Platinum. Others include Rio Tinto's Murowa diamond mine, British American Tobacco and local units of British banks, Standard Chartered and Barclays.
The companies risk losing their operating licences if they do not submit the ownership plans, the state-controlled Herald newspaper reported.
Indigenisation and Empowerment Minister Saviour Kasukuwere wrote to the firms on July 28, informing them they had failed to provide acceptable details of how they proposed to transfer 51 percent shareholdings to local people within the five years stipulated by the law, the newspaper said.
In March, Kasukuwere gave mining firms 45 days to file empowerment plans and imposed a September 30 deadline for the transfer of ownership.
The deadline to submit empowerment plans has since passed.
Last month, Kasukuwere told a conference the government had rejected 175 empowerment plans from mines which mostly proposed selling 25 percent shareholdings, with 26 percent being made up of credits awarded for social investments made in infrastructure, health and education facilities.
Zimbabwe's coalition government set up by President Robert Mugabe and his rival Prime Minister Morgan Tsvangirai two years ago following disputed elections is divided over the implementation of the empowerment law, enacted in 2008 and championed by the president's ZANU-PF party.
Tsvangirai has warned that the law threatens Zimbabwe's economic recovery, which started after the formation of the power-sharing government in 2009, following a decade in which GDP shrank by as much as 50 percent, according to official figures.
Thursday, August 18, 2011
MMK sued by Bakalskoye Rudoupravleniye iron ore JV partner Atop International - Report
Thursday, 18 Aug 2011
Interfax, citing court documents, reported that OAO Magnitogorsk Iron & Steel was sued by its partner in an iron ore venture after assuming ownership of a license to the venture’s largest ore deposit.
Atop International Group, which holds 49% of the OAO Bakalskoye Rudoupravleniye venture, filed a suit at Chelyabinsk in Russia, after the license to the Techenskoye ore field was transferred to Magnitogorsk.
Magnitogorsk got the license in May following regulatory approval.
Mr Kirill Golubkov, a spokesman for Magnitogorsk, said today by phone when Bloomberg News called, without elaborating that “We see no legitimate grounds for this suit.”
By bloomberg
Tuesday, August 16, 2011
Egypt to grant 5 new steel licenses within 3 months
Tuesday, 16 Aug 2011
Ahram Online reported that the Industrial Development Authority will grant 5 new steel plant licenses within the coming 3 months to meet requests from several steel producers in Egypt for capacity extension.
As per report, only currently established companies would be eligible to bid for the licenses indicating that no new players are expected to enter the market.
Mr Ismail Al Nagdy head of IDA said that the energy required for these licenses is already available.
In July, Egypt's cabinet granted four companies licenses for steel plants in the country as the government seeks to boost production and lower imports of supplies for the construction industry. The companies won the licenses in December but were later given an extension to make the required payments. The 4 firms are Port Said National Company for Steel, IIC for Steel Plants Management, Al Marakbi and Al Wataniya.
(sourced AHRAM)
Ahram Online reported that the Industrial Development Authority will grant 5 new steel plant licenses within the coming 3 months to meet requests from several steel producers in Egypt for capacity extension.
As per report, only currently established companies would be eligible to bid for the licenses indicating that no new players are expected to enter the market.
Mr Ismail Al Nagdy head of IDA said that the energy required for these licenses is already available.
In July, Egypt's cabinet granted four companies licenses for steel plants in the country as the government seeks to boost production and lower imports of supplies for the construction industry. The companies won the licenses in December but were later given an extension to make the required payments. The 4 firms are Port Said National Company for Steel, IIC for Steel Plants Management, Al Marakbi and Al Wataniya.
(sourced AHRAM)
Monday, March 7, 2011
Alcoa expects to win renewal of Australian coal mine license
Monday, 07 Mar 2011
Alcoa Inc expects to win approval to renew 50 year license to mine brown coal in Australia’s Victoria state to power its Point Henry aluminum smelter.
Mr Brendan Foran Alcoa Australia Community Relations Officer said that “We’re very confident that we can come to an agreement with the state government. Alcoa’s stated intent has been for many, many years that we would exercise that option and the discussions with the government have been around renewing the second 50 year term.”
Mr Foran said that the Point Henry smelter near Geelong in Victoria produces 185,000 metric tonnes of aluminum a year more than 10% of Australia’s aluminum output. The smelter gets about 40% of power needs from the brown coal fired plant.
The Australian Financial Review reported that Alcoa would close the facility if the government doesn’t renew the mine license that expires at the end of the year. Australia’s government wants to set a carbon price from next July ahead of a trading program that may begin as early as 2015.
(sourced:Bloomberg)
Mr Brendan Foran Alcoa Australia Community Relations Officer said that “We’re very confident that we can come to an agreement with the state government. Alcoa’s stated intent has been for many, many years that we would exercise that option and the discussions with the government have been around renewing the second 50 year term.”
Mr Foran said that the Point Henry smelter near Geelong in Victoria produces 185,000 metric tonnes of aluminum a year more than 10% of Australia’s aluminum output. The smelter gets about 40% of power needs from the brown coal fired plant.
The Australian Financial Review reported that Alcoa would close the facility if the government doesn’t renew the mine license that expires at the end of the year. Australia’s government wants to set a carbon price from next July ahead of a trading program that may begin as early as 2015.
Tuesday, February 1, 2011
Indonesia Blocks 3.5 Million Tons of Coal Shipments
February 1, 2011,
Bloomberg, By Bambang Djanuarto and Yoga Rusmana
Indonesia’s government has blocked shipments of at least 3.5 million metric tons of coal since Jan. 15, after a delay in issuing new trading permits, an industry group said.
About 70 vessels, each with a capacity of 50,000 tons, are stuck at ports because surveyors checking shipments won’t allow the exports before traders obtain fresh licenses from the Energy and Mineral Resources Ministry, said Bob Kamandanu, chairman of the Indonesian Coal Mining Association.
“Some traders have declared force majeure because of the permit issue,” Kamandanu told reporters in Jakarta today, without identifying them. “More shipments will be halted as a lot more ships are entering the ports.”
Indonesia’s mining law of 2009 requires traders to convert old permits into new trading licenses issued by the Energy and Mineral Resources Ministry before they ship products overseas, said Djunaedi, head of mining exports at the Trade Ministry said Jan. 26. The ministry halted the process of giving out new licenses while waiting for the ministerial decree to be issued, Djunaedi, who uses one name, said at the time.
Alberth Yusuf Tobogu, export director of mining and industry products at the Trade Ministry, and Djunaedi didn’t answer two calls to their mobile phones seeking comment.
Force majeure is a legal clause that allows producers to miss deliveries because of circumstances beyond their control.
Indonesia, the world’s largest thermal coal exporter, has since 2008 required all exports of coal, metal ores and concentrate to be verified by government-appointed surveyors to prevent illegal shipments of commodities.
Bloomberg, By Bambang Djanuarto and Yoga Rusmana
Indonesia’s government has blocked shipments of at least 3.5 million metric tons of coal since Jan. 15, after a delay in issuing new trading permits, an industry group said.
About 70 vessels, each with a capacity of 50,000 tons, are stuck at ports because surveyors checking shipments won’t allow the exports before traders obtain fresh licenses from the Energy and Mineral Resources Ministry, said Bob Kamandanu, chairman of the Indonesian Coal Mining Association.
“Some traders have declared force majeure because of the permit issue,” Kamandanu told reporters in Jakarta today, without identifying them. “More shipments will be halted as a lot more ships are entering the ports.”
Indonesia’s mining law of 2009 requires traders to convert old permits into new trading licenses issued by the Energy and Mineral Resources Ministry before they ship products overseas, said Djunaedi, head of mining exports at the Trade Ministry said Jan. 26. The ministry halted the process of giving out new licenses while waiting for the ministerial decree to be issued, Djunaedi, who uses one name, said at the time.
Alberth Yusuf Tobogu, export director of mining and industry products at the Trade Ministry, and Djunaedi didn’t answer two calls to their mobile phones seeking comment.
Force majeure is a legal clause that allows producers to miss deliveries because of circumstances beyond their control.
Indonesia, the world’s largest thermal coal exporter, has since 2008 required all exports of coal, metal ores and concentrate to be verified by government-appointed surveyors to prevent illegal shipments of commodities.
Friday, January 28, 2011
Russia’s NLMK secures coking coal supplies
Friday, Jan 28, 2011
Russian steel producer NLMK has won the right to develop the Usinskiy-3 coking coal deposit in the north of the country, having offered Rbs900 million ($30.2 million) for the license at an auction on 21 January.
Usinskiy-3 reserves will allow NLMK to rely on its own coal resources in future, as at present the company does not produce any coal and has to buy on the open market.
Usinskiy-3 is a large coking coal deposit located in Komi, a region in the north of Russia. Usinskiy-3 contains more than 227million tonnes of high-quality coking coal.
NLMK plans to have the necessary infrastructure ready to start production at Usinskiy-3 by 2016, and expects to bring it to capacity of 4.5 million tonnes per year in 2018.
The project will require Rbs45.5 billion of investment, according to NLMK.
Currently, NLMK consumes about annual 5.5 million tonnes of coking coal and has to buy this in the market, the firm told Argus.
NLMK gets coal mostly in the domestic market, with smaller amounts coming from outside Russia. The company imports 600,000 tonnes of coking coal per year from the US. (sourced:Argus Media)
Russian steel producer NLMK has won the right to develop the Usinskiy-3 coking coal deposit in the north of the country, having offered Rbs900 million ($30.2 million) for the license at an auction on 21 January.
Usinskiy-3 reserves will allow NLMK to rely on its own coal resources in future, as at present the company does not produce any coal and has to buy on the open market.
Usinskiy-3 is a large coking coal deposit located in Komi, a region in the north of Russia. Usinskiy-3 contains more than 227million tonnes of high-quality coking coal.
NLMK plans to have the necessary infrastructure ready to start production at Usinskiy-3 by 2016, and expects to bring it to capacity of 4.5 million tonnes per year in 2018.
The project will require Rbs45.5 billion of investment, according to NLMK.
Currently, NLMK consumes about annual 5.5 million tonnes of coking coal and has to buy this in the market, the firm told Argus.
NLMK gets coal mostly in the domestic market, with smaller amounts coming from outside Russia. The company imports 600,000 tonnes of coking coal per year from the US. (sourced:Argus Media)
Wednesday, January 12, 2011
Straits Asia surges on Indonesia coal licence
News via Reuters by Thomson, Wednesday, 12 January 2011
Shares of Singapore-listed coal miner Straits Asia Resources (STRL.SI) jumped as much as 9.8% to a 41-month high after it got a license, which would lead to new coal mining rights in Indonesia.
At 9:19 a.m., Straits Asia shares were up 6.4% at S$2.81, with over 9.1 million shares changing hands. “The licence brings them one step closer towards attaining full mining rights in the area and is positive for them. They are one of the few foreign-owned entities that are allowed to mine for coal in Indonesia,” said a local trader. Straits Asia said on Tuesday it had received a principle licence for the northern leases at the Sebuku mines in Indonesia. The principle licence is the precursor to a borrow and use licence that will give Straits Asia the rights to extract coal in the mines, the company said in a statement.
Shares of Singapore-listed coal miner Straits Asia Resources (STRL.SI) jumped as much as 9.8% to a 41-month high after it got a license, which would lead to new coal mining rights in Indonesia.
At 9:19 a.m., Straits Asia shares were up 6.4% at S$2.81, with over 9.1 million shares changing hands. “The licence brings them one step closer towards attaining full mining rights in the area and is positive for them. They are one of the few foreign-owned entities that are allowed to mine for coal in Indonesia,” said a local trader. Straits Asia said on Tuesday it had received a principle licence for the northern leases at the Sebuku mines in Indonesia. The principle licence is the precursor to a borrow and use licence that will give Straits Asia the rights to extract coal in the mines, the company said in a statement.
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