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Erdene Resource Development Corp T.ERD

Alternate Symbol(s):  ERDCF

Erdene Resource Development Corp. is a Canada-based resource company focused on the acquisition, exploration and development of precious and base metals in underexplored and highly prospective Mongolia. It has interests in three mining licenses and an exploration license in Southwest Mongolia. Its projects include Khundii Minerals District, Bayan Khundii Gold Project, Altan Nar, Greater Dark Horse, Ulaan, Zuun Mod and Khuvyn Khar. Its projects are located in the eastern portion of the Central Asian Orogenic belt. The Bayan Khundii mining license covers 2,309 hectares and, in addition to the Bayan Khundii high-grade gold deposit, includes its highly prospective 20 square kilometers greater Dark Horse prospect area, including the Dark Horse Mane high-grade gold discovery. The Zuun Mod Molybdenum-Copper Project is a porphyry molybdenum-copper deposit. The Altan Nar mining license covers 4,669 hectares. The central and northern portion of the Ulaan license hosts a porphyry copper prospect.


TSX:ERD - Post by User

Post by cupricityon Mar 05, 2010 12:53pm
334 Views
Post# 16848295

coking coal at $200/tonne

coking coal at $200/tonneCoking Coal
JFE accepts BHP’s US$200/t quarterly offer price
Bloomberg is reporting this morning that JFE Holdings Inc.’s steel unit has
accepted
the US$200/tonne FOB quarterly offer price from BHP Billiton Limited (BHP –
NYSE; BHP – ASX) for April-June contract deliveries of premium hard coking
coal.
This is the first time that a contract for the Japanese steel mills has been
priced on a
quarterly basis, rather than the traditional annual pricing period.
McCloskey’s reports
that BHP’s settlements began late yesterday with an agreement from Nippon
Steel
Corp., followed today by settlements with JFE, Sumitomo Metal Industries
Ltd.
and Kobe Steel, Ltd.
The US$200/t quarterly price represents a 55% increase from the US$128-129/t
FOB
headline price for the last coal year (April 1, 2009 to March 31, 2010) and
compares to
recent spot prices for hard coking coal that have been reported as high as
US$220-
225/t FOB.
It remains unclear whether some contract deliveries may still be priced on
an annual
basis. It had previously been rumoured that BHP had been intending to table
an
annual price of US$240/t, with several options for tonnage to be priced at a
mix of
annual, semi-annual and quarterly rates, although it’s now believed that
only the
quarterly price may have been offered.
The fact that the Japanese steel mills accepted BHP’s quarterly offer price,
without
negotiating it lower, illustrates the bargaining power in the hands of the
coal
producers this year.
Analyst Coverage: Mike Plaster, Haytham Hodaly
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