Yanzhou Coal Mining And The Future Of Coal In China
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YZC vs. ETF Alternatives
Tuesday, Apr 152:26 PM
Tuesday, Apr 152:26 PM| 34 Comments
- The D.C. Court of Appeals upholds EPA regulations requiring power plants to limit emissions hazardous air pollutants, siding with the EPA's determination that its regulations were appropriate and necessary.
- The 2-1 court majority rejects arguments the agency should have considered the costs of its regulations before moving forward, while the dissenting judge warns the costs of the EPA regulations would amount to more than $9B/year.
- Related tickers: KOL, BTU, WLT, CNX, ACI, ANR, JRCC, YZC, PCXCQ, ARLP, NRP, PVR, PVA, OXF, CLD, WLB
Tuesday, Apr 810:42 AM
Tuesday, Apr 810:42 AM| 29 Comments
- Consol Energy's (CNX +3.6%) upgraded coal outlook is lifting coal names higher across the board: ANR +9.2%, WLT +7.4%, ACI +5.6%, YZC +5.2%, BTU +3.8%, WLB +3.1%, OXF +3%, CLD +2%, KOL +1.9%.
- Stifel raises its CNX target price to $46 from $45, reflecting the strong market for northern Appalachian thermal coal, offsetting a weaker pricing and volume outlook for met coal (Briefing.com).
Wednesday, Apr 23:58 PM
Wednesday, Apr 23:58 PM| 5 Comments
- Coal stocks are higher after the head of BHP Billiiton's (BHP +0.9%) coal division said he expects world demand for coal to increase for decades to come, and that most demand growth for coal will come from outside China, which has been the primary driver of global commodity prices in recent years.
- The BHP exec also noted that coal demand in Europe is rising as nuclear plants are set to shut down and countries reduce their imports on Russian energy.
- The Market Vectors Coal ETF (KOL +0.7%) has gained 3.2% over the past week and is trading above its 200-day moving average, but the ETF is still down 4.2% YTD.
- JRCC +20.5%, OXF +4.5%, WLT +2.2%, CNX +2.1%, CLD +2%, ANR +1.9%, BTU +1.4%, YZC +0.6%, ACI -0.2%, WLB -1.2%.
Tuesday, Mar 258:04 AM
Tuesday, Mar 258:04 AM| Comment!
- Yanzhou Coal (YZC) says it plans to slash ~18% of its workforce in China over the next three years and restructure the senior management of its Australia unit, as part of efforts to cut costs and slog through the weak global coal market.
- It's the latest in a string of job cuts, asset sales and reduced spending plans by global mining companies including BHP, Glencore and Vale, in response to oversupply and slowing demand growth in China and elsewhere in Asia for coal, iron ore and other mining products.
- China's domestic thermal coal prices have fallen more than 15% YTD to ~$87/metric ton, and prices for Australian thermal coal last week fell to ~$73, their lowest since late 2009.
Monday, Mar 248:19 AM
Monday, Mar 248:19 AM| Comment!
- Yanzhou Coal (YZC) +2.6% premarket on news it is walking away from a planned buyout of Yancoal Australia that would have taken the Australian coal producer private.
- Analysts say YZC's decision to drop its bid for the company was unsurprising given continued falls in the price of coal and in the share prices of both companies, although a deal could be resurrected in the future; thermal coal prices in Australia last week fell to ~US$73/metric ton, their lowest since late 2009.
- J.P. Morgan upgrades YZC to Overweight from Neutral, and Credit Suisse raises shares to Neutral from Underweight.
Thursday, Jan 212:45 PM|Thursday, Jan 212:45 PM| 2 Comments
Friday, Dec 132013, 10:13 AM
Friday, Dec 132013, 10:13 AM| Comment!
- The Australian government lifts certain foreign investment conditions placed on Yanzhou Coal (YZC +1.9%) which restricted its ownership of YZC's Australia unit, which operates several mines in New South Wales and Queensland.
- YZC had been required to reduce its ownership in the unit from 100% to less than 70% and its interest in other coal mining assets to less than 50% by the end of 2013, and to reduce its stake in additional mines to less than 70% by the end of 2014.
- "Since those conditions were imposed, significant challenges have emerged for the Australian coal industry," Australia's Treasurer Joe Hockey says.
Tuesday, Dec 102013, 6:50 PM
Tuesday, Dec 102013, 6:50 PM| 19 Comments
- Supreme Court justices today expressed sympathy for the EPA’s approach to air pollution that crosses state lines.
- The rule that would curb emissions from coal-fired power plants in 28 states - struck down by the D.C. Circuit Court of Appeals and being tested by power companies, states and miners - has never taken effect, but it would force companies to either shutter old plants or invest billions of dollars in pollution-control technology.
- The court’s four Democrat appointees, at times joined by Chief Justice Roberts and Justice Kennedy, suggested the EPA had adhered to the language of the Clean Air Act; only Justice Scalia seemed convinced the rule could be unfair to some states.
- ETFs: KOL, XLU, IDU, VPU, RYU, PUI, UPW, FXU, SDP, PSCU, FUTY, UTLT.
- Coal names: PCXCQ, BTU, WLT, CNX, ACI, ANR, JRCC, YZC, ARLP, AHGP, NRP, PVR, PVG, PVA, OXF, CLD, WLB, RNO.
Friday, Nov 292013, 3:03 PM
Friday, Nov 292013, 3:03 PM| Comment!
- China awaits anxiously to determine whether the Australian government's rejection of Archer Daniels Midland's takeover bid for GrainCorp was a one-off or a sign of an interventionist future.
- State Grid Corp. of China’s bid to purchase Australian power assets from Singapore Power, valued at ~A$7.4B including debt, may be the easiest to green light given the assets are already foreign owned and heavily regulated.
- More troublesome is Yanzhou Coal's (YZC) plan to buy the 22% of Yancoal Australia it doesn't already own, and delist the company; the deal would require the government to overturn conditions it set when YZC took over Yancoal's predecessor in 2009.
- Allowing YZC to renegotiate its commitments to the government could set a precedent for future deals, something Treasurer Joe Hockey may prefer to avoid.
Thursday, Sep 122013, 10:42 AM
Thursday, Sep 122013, 10:42 AM| 28 Comments
- China says it will aim to reduce its coal consumption to below 65% of its total primary energy use by 2017, releasing a set of new measures to improve air quality including a target to cut the density of PM2.5 and other harmful particulates in city areas by more than 10% from 2012.
- Coal (KOL) currently produces ~70% of China's power; its heavy reliance on cheap fossil fuel energy and high densities of PM2.5 - dangerous particulates with a diameter of less than 2.5 microns - have caused serious air pollution and health problems.
- WLT -3.8%, BTU -0.6%, CNX -0.3%, ACI -1.9%, ANR -2.2%, JRCC -3.2%, YZC -3.1%.
Thursday, Aug 222013, 12:59 PM
Thursday, Aug 222013, 12:59 PM| 9 Comments
- Peabody Energy (BTU +5.3%) and Consol (CNX +4.2%) help push the coal sector (KOL +4.5%) to the top of today's gainers, buoyed by signs of a manufacturing recovery in China.
- Other coal names: PCXCQ.OB +11.2%, YZC +7.7%, WLT +6.5%, ACI +6%, JRCC +5.6%, ANR +5.2%, CLD +3.9%, WLB +2.2%, NRP +1.6%, OXF +0.8%.
Friday, Aug 162013, 11:35 AM
Friday, Aug 162013, 11:35 AM| Comment!
- 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.
Wednesday, Jul 242013, 2:48 PMCoal stocks (KOL -2.8%) come back to earth a day after Peabody Energy (BTU -4.9%) led S&P energy gainers upon reporting a surprising Q2 profit. Walter Energy's (WLT -17%) dividend cut and liquidity issues aren't helping. Tudor Pickering downgrades BTU, Alpha Natural (ANR -7.4%) and Arch Coal (ACI -7.1%) to Accumulate from Buy after the run-up. Also: CNX -3.4%, YZC -4%, CLD -4.1%, JRCC -4.2%. |Wednesday, Jul 242013, 2:48 PM| 3 Comments
Tuesday, Jul 232013, 12:52 PMAlthough coal stocks (KOL +2.3%) remain strong after Peabody Energy (BTU +6.7%) reported better than expected Q3 earnings, Brean Capital believes results are negative for other U.S. producers: BTU cut Australian cost guidance to mid-$70s/ton, a positive for Peabody but "as long as Australian costs decline and producers there don’t have to cut [volumes]... we are unlikely to see a meaningful increase in prices." |Tuesday, Jul 232013, 12:52 PM| 2 Comments
Tuesday, Jul 232013, 9:59 AMCoal names (KOL +2.7%) move higher in early trading, boosted by Peabody Energy's (BTU +7.4%) Q2 earnings beat and reductions in U.S. costs by 6% and Australia by 20% to mitigate a decline in U.S. shipments and falling prices for Australian coal. JRCC +11.4%, ANR +9%, ACI +7.2%, WLT +6.6%, YZC +6%, CLF +4.5%, CNX +2.4%, CLD +0.9%. |Tuesday, Jul 232013, 9:59 AM| Comment!
Wednesday, Jun 262013, 10:59 AMPeabody Energy (BTU -3%) CEO Gregory Boyce paints an optimistic picture of global coal demand, which he sees rising by ~1.4B metric tons over the next five years. But he warns that Australia, a major coal shipper, is in danger of production moving to lower-cost countries (earlier). Coal names (KOL -0.4%) are broadly lower today following Pres. Obama's anti-coal speech: WLT -7.9%, ANR -5%, ACI -4.2%, CNX -2.8%, YZC -2.5%. |Wednesday, Jun 262013, 10:59 AM| 3 Comments