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Wed, Dec. 3, 12:35 PM
- Mongolia has restarted bidding for development of the giant Tavan Tolgoi coal project as it tries to boost a flagging economy hit by falling commodity prices and a decline in foreign investment.
- A consortium comprising China Shenhua Energy (OTCPK:CUAEF), the world's largest coal producer by volume, Sumitomo Corp. and a subsidiary of Mongolian Mining (OTCPK:MOGLF) has submitted a bid; Peabody Energy (NYSE:BTU) and a local Mongolia mining firm also submitted separate bids
- Tavan Tolgoi holds ~7.5B metric tons of coking coal, but Mongolia's cash-strapped government has struggled to finance its development.
Aug. 16, 2013, 11:35 AM
- China's coal sector has rallied since the end of July - with Yanzhou Coal (YZC) +27%, China Coal (CCOZF.PK) +24% and Shenhua (CUAEF.PK) +14% - but J.P. Morgan says it's time to take profits.
- The recent bounce in commodity and material names is mainly due to overselling and is only a technical bounce, the firm says; fundamentally, it is still bearish on thermal coals as market prices continue to fall and channel checks suggest coal traders and producers retain a negative outlook.
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