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