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