Hard coking coal miner PT Borneo Lumbung Energi & Metal Tbk (BORN) today soared 11.19% to Rp1,490 per share, spurred by a market rumor that steel maker Posco soon to buy some stake in Borneo.
Besides the rumor, the coking coal prices, especially Goonyella coking coal has increased to US$221 per ton in 1Q 2011 from US$204 per ton.
In line with Goonyella, a report from BHP Australia, quoting the Barlow Jonkers and McCLoskey coal price index, said Q1 2011 spot market prices for coking coals type Peak Down increased by US$16 per ton.
The Peak Down coking coal is to increase from US$209 to US$225 per tons, and the Goonyella coking coal from US$204 to US$221 per tons, the report specified.
BORN's hard coking coal is the Goonyella type, and therefore there will be an increase of US$17 per ton for our coal in the spot market.
The company sold 4.42 billion new shares or 25% stake of its enlarge capital during the IPO at Rp1,170 per share, enabling it snaps up Rp5.17 trillion proceed.
Besides the rumor, the coking coal prices, especially Goonyella coking coal has increased to US$221 per ton in 1Q 2011 from US$204 per ton.
In line with Goonyella, a report from BHP Australia, quoting the Barlow Jonkers and McCLoskey coal price index, said Q1 2011 spot market prices for coking coals type Peak Down increased by US$16 per ton.
The Peak Down coking coal is to increase from US$209 to US$225 per tons, and the Goonyella coking coal from US$204 to US$221 per tons, the report specified.
BORN's hard coking coal is the Goonyella type, and therefore there will be an increase of US$17 per ton for our coal in the spot market.
The company sold 4.42 billion new shares or 25% stake of its enlarge capital during the IPO at Rp1,170 per share, enabling it snaps up Rp5.17 trillion proceed.
Disclosure: No position at the stock mentioned above.
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