CORAL SPRINGS, FL--(Marketwire - Mar 7, 2013) - FinancialNewsMedia.com continues its coverage for New Colombia Resources, Inc. (
It's no secret that global steel production is dependent on coal as 70% of the steel produced today uses coal. Metallurgical coal -- or coking coal -- is a vital ingredient in the steel making process and New Colombia Resources is positioning itself to take full advantage of the rising global demand for metallurgical coal production.
In the coming years it is anticipated there should be a rise in the metallurgical coal demand from world economies. India's metallurgical coal demand is expected to increase 25% till 2015 as DRI production which has provided pig iron is now taken over by blast furnace production. Also, China should see rampant increase in its industrial production and investment rebound from import as the economy eases.
Colombia, famed as an oil and thermal coal producer, is now fast becoming a focal point for metallurgical coal -- an essential ingredient for most of the world's steelmakers. Most global reserves of Metallurgical coal are spoken for, but Colombia presents a rare combination in that its known reserves are both relatively high quality and readily available. Additionally, Fitch Ratings Agency revised Colombia's outlook to positive this week, citing the country's increased resilience to external shocks and favorable debt dynamics, in a move that could pave the way for an upgrade in the future.
"The increase in Colombia's credit rating will surely make it easier for companies like ours to get conventional financing for equipment and mine development. The expected increase in demand for coking coal from China and India assures a sustainable market for our premium product once we begin production. Colombia has the largest untapped coal reserves, the highest quality coking coal, the lowest cost of production, and export terminals on the Atlantic and Pacific; it's no wonder the Chinese, Indians, and others are down here trying to source coal," stated John Campo, President of New Colombia Resources. For more on Fitch revising Colombia's outlook and raising its credit ratings, visit http://www.reuters.com/article/2013/03/06/colombia-ratings-fitch-idUSL1N0BYFCV20130306
New Colombia Resources, Inc. (
In further evidence the world demand is present for metallurgical coal, analysts with Goldman Sachs last month also forecast a pickup in U.S. demand for power-plant coal in 2013. Prices for U.S. natural gas are up 38% from a year ago, likely pointing to an increase in utilities' appetite for coal, the analysts wrote. While the global steel industry is running slower than its prerecession peak in much of the world, record Chinese steel production has been enough to prop up coal demand and prices. Steel-making coal prices at Australia's main export hub, a benchmark for the industry, are up 21% from their lows late last year, to $154 a ton. Chinese imports doubled in January from year-earlier levels, to 6.48 million tons.
Emerging and secure players in the coal sector could easily benefit from the current rise in global demand for metallurgical coal. Coal producing companies like New Colombia Resources, Inc. (
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