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Friday, 11 September 09
ALPHA NATURAL EXPECTS HIGHER MET, STEAM COAL PRICES IN 2010
 Mining Weekly reported that, There are encouraging signs that metallurgical coal demand in most key global markets is either returning or poised to do so, Alpha Natural Resources CEO Kevin Crutchfield said on Thursday.
Further, while inventories of US thermal coal remain high by historical standards, this situation could turn around over the next 12 months, to the point where demand exceeds supply – possibly in late 2010 or early 2011, he told analysts and investors on a conference call.
Alpha Natural, now the third-biggest coal producer in the US after it bought rival Foundation Coal last month, produces steam coal from mines in the Powder River Basin (PRB) and north and central Appalachia.
It is also the biggest producer of high-quality metallurgical coal from its Appalachian mines.
Based on committed and priced coal shipments, the company expects to receive an average of $10,50/t for its PRB coal this year, but that average prices will improve to $11,17 in 2010.
Eastern steam coal prices are forecast at $63,84/t in 2009, but are seen increasing to $69,51/t next year, while Alpha Natural estimates it will realise an average of $114,45/t for its metallurgical coal in 2010, up from a forecast $100,87/t for this year.
Total shipments in 2009 are expected to be between 83-million and 87,5-million tons, and shipments are forecast at $80-million to $90-million next year.
This year's guidance includes 50-million to 51,5-million tons of PRB coal, 26-million to 28-million of eastern steam coal and 7-million to 8-million tons of metallurgical coal.
The firm is already “very well” contracted for 2010, with more than 85% of expected shipments committed for delivery, Crutchfield reported.
Although the economic downturn continues to weigh on coal markets in the US and around the world, the domestic metallurgical coal market, is starting to show signs of recovery, and will likely be the first segment of the coal industry to return to relative health, he said.
Further, the global fundamentals for metallurgical coal are also improving, with Chinese demand expected to remain strong, he said.
China, which was a net exporter of coal just three years ago, is on pace to import about 100-million tons of coal this year, 30-million of which is expected to be metallurgical coal, Crutchfield said.
“This trend had been abating somewhat, but it is our belief the recent mine disaster is likely to sustain import requirements, given the closure of 157 small mines in the region.”
There are also “tangible” signs of increased metallurgical coal demand and requirements from Europe, which appears to be poised for a turnaround, he said.
As for steam coal, however, inventories remain above normal across the US, and a mild summer combined with low natural gas prices have added to the demand-weakening effects of the economic downturn.
However, with the outlook in the US beginning to improve, Crutchfield said the decrease in electricity demand can be expected to moderate and give way to at least modest demand growth in early 2010.
Much of the elimination of high cost production that occurred during the down turn will be difficult to bring back, he said, which means that a stronger market could result in demand for steam coal outstripping supply, once inventories return to normal levels.
This could develop in late 2010 or early 2011, he predicted.
MORE GROWTH TO COME
After closing the Foundation merger, Alpha Natural had total debt of $901-million and cash of cash equivalents of $497-million, plus a $650-million revolver.
Crutchfield indicated on Thursday the firm will continue to look at potential merger and acquisition opportunities.
“With our liquidity and scale, Alpha has a number of strategic options.
“Our financial position enables us to entertain additional M&A opportunities which can either be small bolt-on acquisitions, that complement our existing business, or transformational deals, like the merger with Foundation,” he said.
The firm has created a new position of chief strategy officer, who will have the responsibility of evaluating both acquisitive and organic opportunities.
Management is committed to the continued growth of the company, Crutchfield said, but added that it would not be “growth for growth's sake”.
“Future growth projects – be they through acquisition or organic development – will be undertaken prudently, with careful thought to strategic fit, valuation and manageability.”
“But one thing's for sure: we will continue to grow beyond the current merger,” he asserted.
Source: Mining Weekly
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Wednesday, 09 September 09
CHINESE INTEREST IN AUSTRALIA COAL TICKS UP AS PRICES FALL
After a lull of about two months, Australian thermal coal producers are now seeing renewed interest from Chinese buyers for spot cargoes in the four ...
Wednesday, 09 September 09
SALES FORECAST UP ON BETTER DISTRIBUTION
The Jakarta Post reported that, State coal producer PT Tambang Batubara Bukit Asam (PT BA) expects coal sales to rise by 11 percent next year as it ...
Wednesday, 09 September 09
NTPC HIRES MACQUARIE TO ADVISE INDONESIA COAL MINE PURCHASE
Bloomberg reported that, NTPC Ltd., Asia’s biggest power utility by value, has hired Macquarie Group Ltd. to evaluate a proposed coal mine pur ...
Tuesday, 08 September 09
SOUTH AFRICAN COAL FALLS MOST IN 11 WEEKS ON EXCESSIVE PRICES
Bloomberg reported that, Prices for coal shipped from South Africa’s Richards Bay, site of the world’s largest export terminal for the f ...
Tuesday, 08 September 09
INDIA MAY HAVE A JOINT WORKING GROUP FOR COAL WITH INDONESIA: SRIPRAKASH JAISWAL - PRESS RELEASE
Press Information Bureau of India reported in its web site that, The Coal Ministry has, in principle, agreed to set up a Joint Working Group for coa ...
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- London Commodity Brokers - England
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
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- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
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- Ministry of Finance - Indonesia
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- Electricity Authority, New Zealand
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- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
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- Siam City Cement - Thailand
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- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
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- Posco Energy - South Korea
- Coal and Oil Company - UAE
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- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
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- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
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- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- ASAPP Information Group - India
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
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- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
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- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
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- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Bangladesh Power Developement Board
- Mercator Lines Limited - India
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- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
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- Iligan Light & Power Inc, Philippines
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