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Friday, 08 May 09
B.C.'S MINING INDUSTRY HIGH COAL PRICES TO RECORD 2008 PROFITS - PAGUNTAKA
AGGREGATE pre-tax earnings rose to $3.2 billion, the highest amount in the 41-year history of a PricewaterhouseCoppers survey.
B.C.’s mining industry posted record profits in 2008 — primarily on the strength of coal — but 2009 is not shaping up as well, according to a report released Tuesday.
“It was a fantastic year in 2008,” the report’s co-author Michael Cinnamond said in an interview. “But 2009 won’t be as great. At the end of ‘08 and in early ‘09, prices have come off. So, the level of exploration is starting to fall.”
The report by PricewaterhouseCoopers (PwC), called The Mining Industry in British Columbia - 2008, showed that aggregate pre-tax net earnings for the industry rose by 88 per cent to $3.2 billion, the highest amount in the 41-year history of PwC’s annual survey.
According to a news release, returns on shareholders’ investments reached an unprecedented 98 per cent, up from 46 per cent the previous year.
Cinnamond, a partner in PwC’s mining practice, called the performance amidst the economic downturn “nothing short of outstanding.” He said the 2008 results were mainly driven by increased coal prices that were up 225 per cent to $261 US/tonne over the previous year, with coal representing 86 per cent of total product shipments in 2008. “B.C. is very coal-rich.”
However, he said, prices in April were in the $125 US/tonne range, “a significant reduction from prices realized in 2008, but still high compared to historical averages.”
He said coal will still have a strong performance in 2009, “but not as dramatic as ‘08.”
According to the report, copper concentrates were the second largest contributor of mining revenues in 2008, but were down by 29 per cent to $1.19 billion from $1.66 billion the previous year. The 2008 copper price averaged $3.16 US/lb, but dropped to an average of $1.56/lb in the first quarter of 2009, reflecting weak global demand.
As well, zinc and zinc concentrates contributed net mining revenues of $736 million in 2008, down 40 per cent from $1.2 billion in 2007. Rising gold prices led to a 13-per-cent increase in gold revenues to $231 million in 2008, up from $205 million in 2007. Gold prices continued to strengthen in the first quarter of 2009, averaging $908.71/oz. Silver prices also rose in 2008, pushing revenues from silver up by 10 per cent to $272 million over the year before, the release stated.
Total net mining revenue from molybdenum increased nine per cent to $472 million from $433 million in 2007, while the price dropped five per cent to an average of $28.42/lb. Molybdenum, which is used as a strengthening material in the steel industry, saw a significant price decrease in the last quarter of 2008 and prices remain low in the first quarter of 2009.
Erfan Kazemi, a manager in PwC’s B.C. mining practice, and co-author of the report, also said in a statement that the mining industry contributed $6.1 billion in expenditures to the provincial economy.
Cinnamond said the drop in zinc and copper prices since last year is contributing to a mix of uncertainty and cautious optimism in industry. He said PwC polled 33 CEOs of B.C.-based mining companies in April 2009 and learned that 27 per cent are conserving cash, 39 per cent have implemented spending cuts and 12 per cent are just hanging on. He said about 15 per cent of the respondents reported they are actively seeking acquisitions and looking to grow.
Other key findings of the survey included: total metals and coal shipments from B.C. mines increased by eight per cent to 26,840,000 tonnes in 2008; capital expenditures were $853 million in 2008, a decrease from $964 million in 2007; total exploration expenditure in B.C., estimated at $416 million in 2007, decreased to $367 million in 2008; and the mining industry made total payments to the government of $545 million.
Source: http://paguntaka.org/2009/05/07/bcs-mining-industry-high-coal-prices-to-record-2008-profits/
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Saturday, 16 May 09
FREIGHT MARKET HAS BEEN EXTREMELY BUOYANT - VISTAAR SINGAPORE
COALspot.com (Singapore): The week saw the BDI rally continuing and the market freight market has been extremely buoyant, VISTAAR Shipping Pte Limit ...
Friday, 15 May 09
INDIKA EXPECTS TO INCREASE COAL PRODUCTION BY 12.68% IN 2010 - THE JAKARTA POST
ENERGY and infrastructure company PT Indika Energy, the parent company of Indonesia's third largest coal producer PT Kideco Jaya Agung, expects its ...
Thursday, 14 May 09
INDONESIA 2009 COAL OUTPUT REVISED DOWN - REUTERS
* Indonesia coal output seen at 240 million tonnes in 2009
* Coal exports down 11.2 pct to 44.79 mln tonnes in Q1 2009
* Production down 1.4 pct t ...
Thursday, 14 May 09
PAKISTAN WILL IMPORT 3.2 MILLION TON OF COAL IN 2009 - SEATRADE
COALspot.com (Pakistan) - SEATRADE Group of pakistan a single largest imported coal supplier in Pakistan, forecasting Pakistan steam coal imports wi ...
Wednesday, 13 May 09
ADARO, ITM EXPECT COAL GROWTH IN 2009
Adaro, which has a market capitalization of $3.64 billion, sells to 48 customers in 18 countries worldwide, including power utilities Thai Power and ...
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- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Anglo American - United Kingdom
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