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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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- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- VISA Power Limited - India
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- PTC India Limited - India
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
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