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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, 09 May 09
CHINA PLANS TO BUILD COAL STOCKPILE BASES IN SHANDONG - BLOOMBERG
China, the world’s largest coal producer and consumer, plans to build stockpiles of the fuel in the eastern province of Shandong to ensure sup ...
Friday, 08 May 09
INDONESIAN STATE AUDIT BOARD COULD ONLY REACHED A SMALL NUMBER OF KP AND PKP2B - MAJALAHTAMBANG
THE LACK of personnel and the very limited time period have been the reasons why the 2nd semester of the special purpose audit for coal mining ...
Thursday, 07 May 09
ASIA COAL-PRICES EASE TO NEAR $63 ON DEMAND CONCERNS - REUTERS
AUSTRALIAN thermal coal prices, a benchmark for Asia, edged lower to around $63 a tonne on concerns over demand, after hitting a two-week high of $6 ...
Thursday, 07 May 09
RICHARDS BAY COAL SHIPMENTS FALL MOST IN 9 MONTHS - BLOOMBERG
RICHARDS BAY Coal Terminal Ltd., Africa’s largest coal-export facility, said shipments fell 24 percent last month, the biggest drop in nine mo ...
Tuesday, 05 May 09
NEWCASTLE PORT'S WEEKLY COAL EXPORTS INCREASE - BLOOMBERG
COAL shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel, rose 18 percent last week while the numb ...
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- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Australian Coal Association
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- London Commodity Brokers - England
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
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