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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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Tuesday, 12 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 ...
Tuesday, 12 May 09
BANPU'S PROFIT DOUBLES TO RECORD AFTER SALES JUMP - BLOOMBERG
BANPU Pcl, Thailand’s biggest coal producer, reported first-quarter profit more than doubled to a record after higher prices for the fuel boos ...
Tuesday, 12 May 09
COAL IN PLACE, GMR PLANS 2,000-MW THERMAL PLANT - BUSINESS-STANDARD
GMR ENERGY, a subsidiary of Bangalore-based infrastructure company GMR Infrastructure Ltd, is planning to set up a 2,000-Mw thermal power plant near ...
Monday, 11 May 09
SOUTH AFRICA PROBLEMS SLOW INDIA COAL BUYING - MINE WEB
Indian imports of South African coal are likely to be close to 12 million tonnes in 2009, up from 10 million last year.
Indian coal buyers were a ...
Saturday, 09 May 09
THE WEEK SAW BIT OF HECTIC ACTIVITY IN THE FREIGHT MARKET - VISTAAR SHIPPING
COALspot.com (Singapore) : VISTAAR Shipping Pte Limited, one of the experienced ship operator in Singapore, said, the week saw bit of hectic ac ...
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- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Planning Commission, India
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
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