Centennial Coal Still Getting Significant Chinese Inquiries
18 Agosto 2009 - 9:43PM
Noticias Dow Jones
Centennial Coal Co. Ltd. (CEY.AU) Managing Director Bob Cameron
said Wednesday the miner is continuing to receive inquiries from
Chinese coal buyers and expects Australian coal sales to China to
continue.
Centennial and other Australian coal miners have this year begun
exporting coal to China in the face of weaker demand from
traditional Asian customers, but questions have been raised over
whether the trend will persist as freight rates rise.
"We continue to receive significant inquiries from Chinese
companies, particularly power companies, of course, and we have
been doing business with them and they are now becoming a very
important part of our mix," Cameron said.
"Our view is that China will remain a net importer of coal and
this is to the benefit of ourselves and Indonesia."
Cameron also said the company is confident it has sufficient
port capacity despite a court ruling that Xstrata PLC (XTA.LN)
should be given access to its share of capacity at the Newcastle
Coal Infrastructure Group, or NCIG, development.
Centennial is appealing the court ruling and Cameron said it is
not clear whether Xstrata will have access just to the first stage
of the NCIG development or the second stage as well.
He said Centennial is talking to Xstrata and the New South Wales
state government about the implications of the court ruling.
The court ruling does not come into effect until Xstrata begins
production from its Mangoola mine, so Centennial can use the new
NCIG infrastructure for the next few years and Cameron said the
miner also has the ability to move more material through Port
Kembla rather than Newcastle at little extra cost.
Cameron said Centennial is also actively looking at an expansion
of Port Kembla.
"We, as a board, have resolved to - and are doing - studies on a
potential expansion of Port Kembla," he said.
-By Alex Wilson, Dow Jones Newswires; 61-3-9292-2094;
alex.wilson@dowjones.com
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