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Anglo American Seeks Coking Coal Assets in Russia, Mongolia
Sept. 3 (Bloomberg) -- Anglo American Plc, the third- largest producer of steelmaking coal, is seeking an acquisition that may more than double existing output to meet rising Chinese and Indian demand.
Sept. 3 (Bloomberg) -- Anglo American Plc, the third- largest producer of steelmaking coal, is seeking an acquisition that may more than double existing output to meet rising Chinese and Indian demand.
Anglo is looking for assets with potential annual output of as much as 20 million metric tons in Russia, Mongolia, Indonesia and Mozambique, said Seamus French, head of the London-based company’s coking coal business. Anglo’s production of the commodity from its Australian mines was 12.6 million tons last year, according to the its website.
“I’d like to be in the latter half of next year, by end 2011, be firmly zeroed in on a target,” French said in a phone interview from Brisbane. “We can double production from our own pipeline by 2020 but we want to do more than that.”
Anglo joins Brazil’s Vale SA, China Shenhua Energy Co. and South Korea’s Posco in seeking coal assets in developing countries after Chinese imports surged fivefold last year and Indian demand gained. Contract prices rose twice this year as the economic recovery spurred supply competition between steelmakers in Japan and China.
To set up operations outside of Australia, “there is a minimum sort of scale,” French said. “That scale is probably about 10 to 20 million tons per annum, to establish the infrastructure in new regions.”
The company plans to double coking coal production from its Australian mines to 24 million tons by 2020, with output from its Grosvenor and Moranbah South projects in Queensland. Anglo’s Chief Executive Officer Cynthia Carroll is selling zinc and phosphate assets and focusing on resources such as iron ore needed by Asia.
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Vale, the biggest iron ore supplier, is investing $1.3 billion in its Moatize coal mine in Mozambique, and Posco in June agreed to buy a stake in another project in the nation. China Shenhua, the country’s biggest coal producer, BHP Billiton Ltd. and Xstrata Plc are among companies looking to invest in Mongolia’s Tavan Tolgoi coking coal deposit.
Demand for the commodity is forecast to rise 14 percent to 257 million tons in 2010, and 6 percent next year, driven by China and India, UBS AG analyst Tom Price said July 22.
“If we look at our growth opportunities and the kind of coal we’ll be producing in the next 10 years, India will play a significant part in that,” said Anglo’s French. “If you look at data on steel intensity, we all know that Indian steel intensity on a per capita basis is only one-seventh of China.”
Sales to India account for about 25 percent of output, and China takes up less than 10 percent, French said. The business posted sales of $2.2 billion in 2009, about 9 percent of Anglo’s total revenues, according to data compiled by Bloomberg.
India’s steelmaking capacity rose 9.6 percent to 72.8 million tons in the fiscal year ended March 31. Output is likely to reach 115 million tons by March 2012, Steel Minister Virbhadra Singh said in April.
Canada’s Teck Resources Ltd. is the world’s second-biggest seaborne supplier of coking coal.
Anglo is looking for assets with potential annual output of as much as 20 million metric tons in Russia, Mongolia, Indonesia and Mozambique, said Seamus French, head of the London-based company’s coking coal business. Anglo’s production of the commodity from its Australian mines was 12.6 million tons last year, according to the its website.
“I’d like to be in the latter half of next year, by end 2011, be firmly zeroed in on a target,” French said in a phone interview from Brisbane. “We can double production from our own pipeline by 2020 but we want to do more than that.”
Anglo joins Brazil’s Vale SA, China Shenhua Energy Co. and South Korea’s Posco in seeking coal assets in developing countries after Chinese imports surged fivefold last year and Indian demand gained. Contract prices rose twice this year as the economic recovery spurred supply competition between steelmakers in Japan and China.
To set up operations outside of Australia, “there is a minimum sort of scale,” French said. “That scale is probably about 10 to 20 million tons per annum, to establish the infrastructure in new regions.”
The company plans to double coking coal production from its Australian mines to 24 million tons by 2020, with output from its Grosvenor and Moranbah South projects in Queensland. Anglo’s Chief Executive Officer Cynthia Carroll is selling zinc and phosphate assets and focusing on resources such as iron ore needed by Asia.
Assets Search
Vale, the biggest iron ore supplier, is investing $1.3 billion in its Moatize coal mine in Mozambique, and Posco in June agreed to buy a stake in another project in the nation. China Shenhua, the country’s biggest coal producer, BHP Billiton Ltd. and Xstrata Plc are among companies looking to invest in Mongolia’s Tavan Tolgoi coking coal deposit.
Demand for the commodity is forecast to rise 14 percent to 257 million tons in 2010, and 6 percent next year, driven by China and India, UBS AG analyst Tom Price said July 22.
“If we look at our growth opportunities and the kind of coal we’ll be producing in the next 10 years, India will play a significant part in that,” said Anglo’s French. “If you look at data on steel intensity, we all know that Indian steel intensity on a per capita basis is only one-seventh of China.”
Sales to India account for about 25 percent of output, and China takes up less than 10 percent, French said. The business posted sales of $2.2 billion in 2009, about 9 percent of Anglo’s total revenues, according to data compiled by Bloomberg.
India’s steelmaking capacity rose 9.6 percent to 72.8 million tons in the fiscal year ended March 31. Output is likely to reach 115 million tons by March 2012, Steel Minister Virbhadra Singh said in April.
Canada’s Teck Resources Ltd. is the world’s second-biggest seaborne supplier of coking coal.
