Home » Posts tagged 'poland coal'

Tag Archives: poland coal

Prairie Mining #PDZ – JP Morgan increases holding to 5.3%

12th April 2018 / Leave a comment

TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)ⁱ

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedⁱⁱ:			Prairie Mining Limited
1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate)
Non-UK issuer						X
2. Reason for the notification (please mark the appropriate box or boxes with an “X”)
An acquisition or disposal of voting rights						X
An acquisition or disposal of financial instruments
An event changing the breakdown of voting rights
Other (please specify)ⁱⁱⁱ:
3. Details of person subject to the notification obligation^iv
Name			JPMorgan Chase & Co.
City and country of registered office (if applicable)			Wilmington, Delaware, USA
4. Full name of shareholder(s) (if different from 3.)^v
Name			J.P. Morgan Securities Plc, J.P. Morgan Securities Australia Limited
City and country of registered office (if applicable)			London, United Kingdom
5. Date on which the threshold was crossed or reached^vi:			06 April 2018
6. Date on which issuer notified (DD/MM/YYYY):			10 April 2018
7. Total positions of person(s) subject to the notification obligation
	% of voting rights attached to shares (total of 8. A)	% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)		Total of both in % (8.A + 8.B)	Total number of voting rights of issuer^vii
Resulting situation on the date on which threshold was crossed or reached	5.30%	0.00%		5.30%	167,498,969
Position of previous notification (if applicable)	N/A	N/A		N/A

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached^viii
A: Voting rights attached to shares
Class/type of shares ISIN code (if possible)	Number of voting rights^ix				% of voting rights
	Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)		Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)		Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)	Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)
AU000000PDZ2			8,874,110			5.30%


SUBTOTAL 8. A	8,874,110				5.30%

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
Type of financial instrument	Expiration date^x	Exercise/ Conversion Period^xi		Number of voting rights that may be acquired if the instrument is exercised/converted.		% of voting rights



		SUBTOTAL 8. B 1


B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))
Type of financial instrument	Expiration date^x	Exercise/ Conversion Period ^xi	Physical or cash settlement^xii	Number of voting rights	% of voting rights

			SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”)
Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer^xiii
Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity^xiv(please add additional rows as necessary)				X
Name^xv	% of voting rights if it equals or is higher than the notifiable threshold	% of voting rights through financial instruments if it equals or is higher than the notifiable threshold	Total of both if it equals or is higher than the notifiable threshold
JPMorgan Chase & Co.
JPMorgan Chase Bank, National Association
J.P. Morgan International Finance Limited
J.P. Morgan Capital Holdings Limited
J.P. Morgan Securities plc	5.10%		5.10%

10. In case of proxy voting, please identify:
Name of the proxy holder		N/A
The number and % of voting rights held		N/A
The date until which the voting rights will be held		N/A

11. Additional information^xvi
Chain of controlled undertakings: JPMorgan Chase & Co. JPMorgan Chase Bank, National Association (100%) J.P. Morgan International Finance Limited (100%) J.P. Morgan Capital Holdings Limited (100%) J.P. Morgan Securities plc (100%) JPMorgan Chase & Co. JPMorgan Chase Bank, National Association (100%) J.P. Morgan International Finance Limited (100%) J.P. Morgan Overseas Capital LLC (100%) J.P. Morgan Australia Group Pty Limited (100%) J.P. Morgan Operations Australia Limited (100%) J.P. Morgan Administrative Services Australia Limited (100%) J.P. Morgan Securities Australia Limited (100%)

Place of completion	London, United Kingdom
Date of completion	10 April 2018

Prairie Mining #PDZ – Lansdowne Partners Intl increases holding from 5.4% to 6.06%

11th April 2018 / Leave a comment

TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)ⁱ

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedⁱⁱ:			Prairie Mining Ltd Sedol BYSQ580
1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate)
Non-UK issuer						X
2. Reason for the notification (please mark the appropriate box or boxes with an “X”)
An acquisition or disposal of voting rights
An acquisition or disposal of financial instruments						X
An event changing the breakdown of voting rights
Other (please specify)ⁱⁱⁱ:
3. Details of person subject to the notification obligation^iv
Name			¹Lansdowne Partners International Limited ²Lansdowne Partners Limited ³Lansdowne Partners (UK) LLP ⁴Lansdowne European Equity Master Fund Limited
City and country of registered office (if applicable)			London, United Kingdom
4. Full name of shareholder(s) (if different from 3.)^v
Name			n/a
City and country of registered office (if applicable)			n/a
5. Date on which the threshold was crossed or reached^vi:			06/04/2018
6. Date on which issuer notified (DD/MM/YYYY):			10/04/2018
7. Total positions of person(s) subject to the notification obligation
	% of voting rights attached to shares (total of 8. A)	% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)		Total of both in % (8.A + 8.B)	Total number of voting rights of issuer^vii
Resulting situation on the date on which threshold was crossed or reached		6.06%		6.06%	167,498,969
Position of previous notification (if applicable)		5.40%		5.40%

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached^viii
A: Voting rights attached to shares
Class/type of shares ISIN code (if possible)		Number of voting rights^ix					% of voting rights
		Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)		Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)			Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)		Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)



SUBTOTAL 8. A

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
Type of financial instrument		Expiration date^x	Exercise/ Conversion Period^xi			Number of voting rights that may be acquired if the instrument is exercised/converted.			% of voting rights



			SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))
Type of financial instrument	Expiration date^x		Exercise/ Conversion Period ^xi		Physical or cash settlement^xii			Number of voting rights	% of voting rights
CFD	n/a		n/a		Cash			10,154,610	6.06%
					SUBTOTAL 8.B.2			10,154,610	6.06%

9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”)
Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer^xiii
Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity^xiv(please add additional rows as necessary)				X
Name^xv	% of voting rights if it equals or is higher than the notifiable threshold	% of voting rights through financial instruments if it equals or is higher than the notifiable threshold	Total of both if it equals or is higher than the notifiable threshold
Lansdowne Partners International Limited		6.06%	6.06%
Lansdowne Partners Limited
Lansdowne Partners (UK) LLP		6.06%	6.06%
Lansdowne European Equity Master Fund Limited		5.17%	5.17%

10. In case of proxy voting, please identify:
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held

11. Additional information^xvi

Place of completion	London
Date of completion	10 April 2018

Prairie Mining #PDZ – Statement regarding possible co-operation with JSW

8th February 2018 / Leave a comment

Prairie Mining Limited #PDZ notes the recent press articles regarding possible co-operation between the Company and Jastrzębska Spółka Węglowa SA (“JSW”) to progress the development and exploitation of the Company’s Polish coal assets.

Prairie confirms that a meeting was held with JSW where preliminary discussions regarding co-operation took place. Discussions are at a very early stage and there can be no certainty as to whether any co-operation will be agreed.

The Company will continue to comply with its continuous disclosure obligations and will make announcements to the market as required.

For further information, please contact:

Prairie Mining Limited	Tel: +44 207 478 3900
Ben Stoikovich, Chief Executive Officer	Email: info@pdz.com.au
Sapan Ghai, Head of Corporate Development

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Prairie Mining #PDZ – Tier 1 assets & perfect macro. Buy at 30p, target price 90p say Beaufort Securities

19th December 2017 / Leave a comment

Prairie Mining recently published an update describing the coking coal macro in Europe and Poland. The release focused on the European Commission’s 2017 critical materials list, the global lack of new coking coal projects, and the Polish government’s support for new modern coal mines. We also note how the new Polish Prime Minister is pushing the Polish-Chinese business agenda, which will benefit Prairie Mining.

Mateusz Morawiecki recently became Prime Minister and he strongly supports Chinese investment into Poland. Amongst other things, he has recently said “to encourage Chinese companies to invest more capital in our country” and “Poland wants to actively participate in the One Belt, One Road project”.

This agenda fits perfectly with Prairie’s strategy of having China Coal construct Jan Karski using low-cost Chinese debt. And we believe support from the new Polish Prime Minister will ensure Jan Karski reaches the point of being fully permitted and funded. As with all major industrial projects, top level government support is essential.

Prairie Mining shares have underperformed our expectations in 2H17 (the shares increased 50% in 1H17). The lack of buying could be due to negative general media surrounding coal. However, Prairie is a coking coal not thermal coal company and has strong political and European macro support . We anticipate 2018 being a good year for Prairie shares and reiterate our BUY recommendation and 90p price target.

Full research note here Beaufort_PDZ_181217

Strong outlook for Poland’s new coking coal mines – Inside Coal by IHS Energy

23rd November 2017 / Leave a comment

Article by Darren Malone – +44 208 260 2088

Investor confidence in Poland’s coal mining industry is on the up again due to strong international prices for coking coal and strong steel demand.

There are three high quality coking coal projects under development in Poland, which will diversify supply portfolios for European steel producers and reduce imports from Australia and the United States.

Two met coal juniors Prairie Mining (PDZ) and Balamara Resources are at the forefront of developing new coking coal mines to supply regional steel markets.

Prairie Mining is developing two mines – the Debiensko and Jan Karski. Debiensko is being lined-up as a premium hard coking coal project and is development ready. A drilling program has already been initiated and selected seams from the Debiensko mine indicate that two hard coking coal specifications are viable, both lie within the range of international accepted benchmark coals. The mid-vol specs have an FSI of 8.5 and CSR of about 63% (comparable with Goonyella from Queensland) and has the potential to produce up to 4.02.6 mt/yr (run-of-mine) saleable hard coking coal) from 2022. It is located in the upper Silesian coal basin.

The Jan Karski prospect is listed by Prairie as a high value semisoft coking coal asset, with the latest drilling and washability results indicating a product ash content of about 3.00% and a CSR of 51.50%. The ultra-low ash content makes it ideal for blending with hard coking coal and gives it a high value-in-use price premium of 10% above other premium Hunter Valley, Australian semi-soft coals. The low ash is more environmentally friendly, especially attractive in a tough EU regulatory environment for coal producers.

Prairie also has a huge logistic advantage compared to imported coking coal from the US and Australia. Delivered costs to the nearest steel plant and coke ovens are estimated at $4.6/t, compared to a cost of $37.70/t for imported coal. The two mines are next to existing seams mines that are being worked by listed Polish coal producers JSW and Bogdanka, so power, water and rail infrastructure is already in place.

Despite the early stages of the two projects, Prairie is already in discussions with local steel makers and coke producers for offtake agreements. Prairie estimates that Europe’s steel industry consumes 47 75 mt/yr of hard coking coal (PCI, hard and semisoft), of which 85% is imported mainly from Australia and the US.

Central European countries consume about 25mt -30 mt/yr of coking coal. Poland’s production has been declining in recent years and qualities have not met specifications. This has forced some steel producers to import coking coal from Canada for blending with domestic material. Yesterday, ArcelorMittal reported a supply disruption at two of its Polish coking plants in Krakow and Zdzieszowice. JSW’s Zofiówka coking coal mine supplies the two plants, but deliveries have been have been reduced, due to a shortage of rail wagons.

ArcelorMittal said it has been forced to change its coal mix. Zdzieszowice is one of the biggest coke plants in Europe, with a production capacity of about 4.40 mt/yr. The Krakow-based plant has a coke-making capacity of 0.70 mt/yr, according to a trading source. ArcelorMittal’s contract with JSW expires at the end of the year. Other regional steel makers in Germany, the Czech Republic and Austria also need security of supply of high spec coking coal, which the existing mines are having problems producing.

Meanwhile, ASX-listed Balamara Resources is also developing a major coking coal asset – Nowa Ruda in the lower Silesian coal basin. Early indications are showing that the mine can produce material with a CSR of about 69%, which is comparable to premium Australian coking coal. Annual production is expected to be about 1.50 mt/y and is slated for production in 2019. There are five steel plants within 150 km of the coking coal mine, and talks have already taken place with regional steel-makers to take the coal. There are also plans to upgrade Gdansk port to load Baby Capes. At the moment it is limited to Panamax vessels. Fundamentals for steel and coking coal in Europe are strong going forward. Coking coal is on the list of critical raw materials listed by the European Commission. Poland is also coal friendly, and has a well-trained mining workforce.

Elsewhere in Europe, Prairie also notes that growing demand for ultra-low emission vehicles is expected to drive growth in steel supply to the regional car industry. Almost 0.5 tonnes of coking coal are required to produce the structural, electrical and plated steel for each electric car. In the UK, infrastructure projects including the High Speed 2 Rail Line and the construction of the Hinkley Point C Nuclear Power Station are expected to use over 3 million tonnes of steel.

Prairie Mining and Balamara Resources are still in the early stages of development, but they are ideally positioned to supply coking coal to meet Europe’s steel demand going forward.

Link to full IHS Inside Coal 9.11.17 note

I would like to receive Brand Communications updates and news...