Macarthur Coal Raises Profit Forecast on Higher Sales
Jul/22/2010 | Under : Coal Mine - Companies - Energy - Trade & Market
Macarthur Coal Ltd., the world’s largest producer of pulverized coal used by steelmakers, raised its full-year profit forecast as sales increased, bolstering speculation the company may be a takeover target.
Profit, excluding accounting adjustments, may be between A$115 million ($96 million) and A$125 million for the 12 months ended June 30, compared with its earlier forecast of A$103 million to A$113 million, Macarthur said today in a statement.
The Brisbane-based company rose 5.2 percent yesterday after Thailand’s Banpu Pcl agreed to buy the rest of Centennial Coal Co. for A$2 billion. Shares of Riversdale Mining Ltd. and Whitehaven Coal Ltd. also gained after the bid. [Read More]
Centennial Coal accepts $2.4bn takeover offer from Thailand’s Banpu
Jul/22/2010 | Under : Coal Mine - Energy - Trade & Market
Centennial Coal has accepted a cash offer with a 40 per cent premium from Thailand’s Banpu, valuing the NSW coal miner at $2.4 billion.
As revealed by The Australian on its website earlier today, Centennial confirmed Banpu — Thailand’s biggest coal producer — has offered $6.20 a share for the 80 per cent of the Hunter Valley thermal coal producer it doesn’t already own.
Banpu said it would finance the deal through cash reserves and new and existing credit facilities. JPMorgan is advising Banpu, with UBS advising Centennial.
[Read More]
Australian Sharemarket Close Week 3 percent Higher
May/31/2010 | Under : Business - Finance - Stock - Trade & Market
The Australian sharemarket closed three per cent higher for the week, as middling-to-positive leads from European stocks and Wall Street culminated in a solid weekly close, after China rejected reports it was considering reviewing its European bond holdings.
For the week, the benchmark S&P/ASX200 index gained 3.15 per cent to 4,457.5 points, while the broader All Ordinaries index jumped 7.58 per cent to 4,479 points.
AMP Capital Investors chief economist Shane Oliver said it looked like a correction in equities and commodities prices was under way, and a decent rally was beginning.
[Read More]
Global Economic Focus : China Wary Of “Double Dip” Economic Crisis This Year
Mar/14/2010 | Under : Economy - Investment
China vowed Sunday to remain alert to any renewed signs of economic crisis, but said it will hold the line against critics urging an appreciation of its currency and will not seek an aggressive leading role in world affairs.
Premier Wen Jiabao also repeated China’s stance that a recent dip in relations with the United States was entirely the fault of Washington for allowing the Dalai Lama to visit the U.S. and approving the sale of arms to Taiwan.
“The responsibility does not lie with the Chinese side, but the United States,” Wen said. “We hope the U.S. will face the issue squarely … so as to restore and improve China-U.S. relations.”
[Read More]
Gold May Decline a Fourth Day in New York on China Economy Data
Mar/14/2010 | Under : Economy - Gold Mine - Investment - Trade & Market
Gold prices, little changed in New York today, may decline for a fourth day after China’s inflation and industrial output accelerated, adding pressure on the government to pare stimulus measures.
China’s inflation reached a 16-month high and production increased the most in more than five years. Bullion climbed 24 percent last year as central banks maintained low interest rates and spent trillions to stimulate economies. Gold prices dropped the most in a month yesterday on speculation demand for the metal will slow as the Greek financial crisis eases.
[Read More]
Coking Coal Index : BHP Push Coking Coal Set Pricing
Mar/14/2010 | Under : Coal Mine - Steel Industry - Trade & Market
PLATTS has launched the world’s first daily coking coal index as it looks to exploit a push by BHP Billiton to abandon annually set pricing.
BHP Billiton attempt to move to quarterly or index-based pricing has been quicker than most expected, sparking a number of data providers to look at starting up spot price indexes for coking coal, which is used in steelmaking.
As well as Platts, US-based Energy Publishing has started up a weekly coking coal index for exports out of Queensland, while Britain’s Argus Media is also preparing an index.
[Read More]