ADVFN - Advanced Financial Network.
HOME» NYSE » C » RIO Stock Price » RIO Stock News

Companhia Vale Share News

 Companhia Vale Do Rio Doce Stock Price
RIO Stock Price
 Companhia Vale Do Rio Doce Stock Chart
RIO Stock Chart
 Companhia Vale Do Rio Doce Stock News
RIO Stock News
 Companhia Vale Do Rio Doce Company Information
RIO Company Information
 Companhia Vale Do Rio Doce Stock Trades
RIO Stock Trades

Ncondezi Eyes Mozambique Thermal Coal Project, Power Plant

By Alex MacDonald LONDON - Mozambique coal explorer Ncondezi Coal Co. Ltd. (NCCL.LN) said Monday that it plans to initially produce 4 million tons of thermal coal a year from its Mozambique project, half for export and half for domestic power generation. The domestic coal would be used to feed a 1,800 megawatt power station that it's considering building in phases. It plans to complete the definitive feasibility studies for the mine and the power station in the third quarter. Ncondezi is one of several mining companies that have flocked to Mozambique's northwest Tete province to develop coal mining projects largely for export. Brazilian miner Vale SA (VALE) has already started exporting coal for use in steel making while mining Titan Rio Tinto PLC (RIO) is in the process of completing its own project and Eurasian Natural Resources Corp (ENRC.LN) is also developing one. The Mozambique government has expressed its preference for projects that add value to commodities rather than projects that just export raw commodities. To that extent, Ncondezi is now designing plans to build a coal-fired power plant that would initially have a power production capacity of 300Mw and use non-exportable coal from the project to generate electricity that could then be exported to South Africa where power shortfalls are still a problem. Mozambique is the largest power exporter to South Africa. "The power component of the project...will enhance overall project economics by providing revenue from non-export grade products at a minimal additional cost" said Chief Executive Nigel Walls in a statement. He also added that "The long-term fundamentals for the seaborne thermal coal market remain strong as demand growth is driven by the build out of power generation in Asia." The U.K. listed company expects to start producing thermal coal from its project in the second half of 2015 and said its coal resource base could support an open cast mine that is able to produce more than 10 million tons of the coal used in power generation over a 20 year period. Ncondezi plans to produce up to 5 million tons of export thermal coal and 7 million tons of domestic power plant feedstock from the project. Meanwhile, Ncondezi plans to start building its first 300MW of power generation capacity from the power project in 2015, with first output due in 2017. It plans to build up to 600MW of power production capacity in the first phase and is studying plans to build a 1,800MW power plant in the future which would consume 7 million tons of coal. The company is currently broadening its search for a strategic partner to take into account the power project. Ncondezi shares closed Friday at 31.5 pence and are down 40% since the beginning of the year. -Write to Alex MacDonald at alex.macdonald@dowjones.com

Stock News for Companhia Vale (RIO)
DateTimeHeadline
02/12/201603:02:00Commodities Slump Batters Rio Tinto
02/11/201615:44:00Rio Tinto and Indspire launch $2 million award program for Indigenous...
02/11/201615:40:00Rio Tinto et l'organisme pancanadien Indspire lancent un programme...
02/11/201611:18:00Correction to Rio Tinto Likely To Pay Dividend in 2017 Story
02/11/201606:00:00Rio Tinto Likely To Pay Dividend in 2017 But Board to Decide--CFO
02/11/201605:00:00Global Stocks Slide After Fed Sparks Investor Concerns
02/11/201602:40:00Rio Tinto Swings to Annual Loss, Alters Dividend Policy
02/11/201601:44:00Rio Tinto Swings to Annual Loss, Scraps Dividend Policy
02/08/201611:24:00Rio Tinto Full-year 2015 -- Forecast
02/05/201616:02:00Six Members Resign From London Metal Exchange--Update
02/05/201615:50:00Six Members Resign From London Metal Exchange
02/05/201615:37:00Six Members Resign From London Metal Exchange
01/26/201617:25:00Rio Tinto to Sell Mount Pleasant Coal Deposit for US$224 Million...
01/18/201617:18:00Rio Tinto Records 11% Jump in Annual Iron-Ore Shipments
01/14/201611:28:00Rio Tinto Freezes All Salaries Including CEO's for 2016
01/11/201617:53:00Energy Resources of Australia Uranium Output Rises
01/07/201607:10:00Oil and Mining Stocks Drag FTSE 100 Lower
01/06/201605:30:00Global Stocks Pressured by North Korea, China
12/30/201501:06:00Australia Shares Climb to Two-Month High
12/23/201523:13:00Australian Shares End Week Higher, Lifted by Resources Stocks

Companhia Vale and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2015 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad