全球矿业季报：澳洲煤炭矿工重新洗牌.pdfVIP

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全球矿业季报：澳洲煤炭矿工重新洗牌.pdf

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Completed 03 Apr 2018 06:04 PM EDT Disseminated 04 Apr 2018 12:15 AM EDT North America Equity Research 04 April 2018 Global Coal Quarterly Aussie miners reshuffle the coal deck; while Aurizon threatens to take capacity away! Australian miners have been busy over the last few years trading coal assets and this Precious Metals Coal reached fever pitch recently. Rio Tinto has announced plans to sell its last coal mines A and projects. Conversely, Glencore seems to be taking more of a trader’s approach to John Bridges, CFA, ACSM thermal coal; seeing it as being oversold and likely to offer a decent return on (1-212) 622-6430 investment even as demand falls. We’ve noted how coal and especially coking coal john.bridges@ prices remained stubbornly high in 2017 and met coal could receive a boost from Bloomberg JPMA BRIDGES GO Australian rail this year. Queensland rail carrier Aurizon is taking a stand, after being J.P. Morgan Securities LL denied the freight rates it wanted and has threatened to cut coal capacity by similar Si harth Mishra levels to those seen in 2017 due to Cyclone Debbie. We attribute part of the strength in (91-22) 6157-3018 coal prices to underinvestment. Aurizon’s actions could add