Citigroup (NYSE:C), Bank of America (NYSE:BAC), Deutsche Bank (NYSE:DB) and ENAM Securities are lead underwriters for the IPO of Coal India, which is expected to raise about $3 billion for the company.
Coal India, which is the largest coal producing company in the world, generated about $10 billion in revenue in 2009, mostly from non-coking coal, which is sold to the larger power generators in the Asian country.
Over 50 percent of the energy needs of India is provided by coal.
Coal India has an estimated 64 billion tons of overall coal resources, with 11 billion tons of proven reserves.
The coal mining company is owned by the Indian government.
Showing posts with label Coal Production. Show all posts
Showing posts with label Coal Production. Show all posts
Monday, October 18, 2010
Tuesday, October 12, 2010
Xstrata (OTC:XSRAY), Anglo American (OTC:AAUKY) Coal Output Hit Hard by Rains
There has been mixed news in the Australian coal industry, as some miners like Xstrata Plc (OTC:XSRAY) and Anglo American (OTC:AAUKY) have been hit hard by the heave rains, while others like Cloud Peak Energy (NYSE:CLD) have managed to increase production during that time.
A lot of data has yet to be reported, so there's a lot yet that needs to come in and be analyzed before the full story and impact is known.
Xstrata has experienced the worst of it so far, have declared force majeure since September 30, 2010 for some of its customers. They also halted shipments of coal from the lower production levels.
Cloud Peak Energy on the other hand has had production increase quarter over quarter by 5 percent, although that represents results from only two of the four mines affected.
A lot of data has yet to be reported, so there's a lot yet that needs to come in and be analyzed before the full story and impact is known.
Xstrata has experienced the worst of it so far, have declared force majeure since September 30, 2010 for some of its customers. They also halted shipments of coal from the lower production levels.
Cloud Peak Energy on the other hand has had production increase quarter over quarter by 5 percent, although that represents results from only two of the four mines affected.
Wednesday, September 15, 2010
FBR (Nasdaq:FBCM) Maintains "Outperform" on Cliffs (NYSE:CLF)
FBR Capital (Nasdaq:FBCM) reiterated its "Outperform" on Cliffs Natural Resources (NYSE:CLF).
Recognizing coal production in America will decline for Cliffs, and the production costs will rise, FBR did lower its earnings per share estimates.
"We are lowering our 2010 EPS/EBITDA estimates on CLF to $7.08/$1,725M, from $7.52/$1,808M, primarily to reflect the company's reduced North American coal guidance, with lower volumes (by 0.6 MTs), lower realized pricing, and higher costs. The revised guidance is not comparable to previously announced guidance for pricing and costs as the company is now including the effect of the INR Energy acquisition. We are leaving our 2011 estimates largely unchanged for now," said FBR.
FBR has a price target of $81 on Cliffs.
Cliffs closed Tuesday at $63.18 a share, down $4.37, or 6.47 percent.
Recognizing coal production in America will decline for Cliffs, and the production costs will rise, FBR did lower its earnings per share estimates.
"We are lowering our 2010 EPS/EBITDA estimates on CLF to $7.08/$1,725M, from $7.52/$1,808M, primarily to reflect the company's reduced North American coal guidance, with lower volumes (by 0.6 MTs), lower realized pricing, and higher costs. The revised guidance is not comparable to previously announced guidance for pricing and costs as the company is now including the effect of the INR Energy acquisition. We are leaving our 2011 estimates largely unchanged for now," said FBR.
FBR has a price target of $81 on Cliffs.
Cliffs closed Tuesday at $63.18 a share, down $4.37, or 6.47 percent.
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