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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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Saturday, 05 September 09
INDIA BUYING INTO AUSTRALIA'S COAL - INTERVIEW
India is in line to buy vast amounts of Australian coal. An Indian cabinet minister is on a special mission to Australia to help satisfy India's ur ...
Saturday, 05 September 09
52 COMPANIES SUBMIT EOIS TO COAL INDIA
The Hindu, India's largest English news paper reported that, International mining majors from the U.S., South Africa, Australia and Indonesia are a ...
Friday, 04 September 09
INDONESIA PAITON ENERGY BUYS COAL FROM ADARO, KIDECO
PT Paiton Energy, an Indonesian independent power producer, has agreed to buy 3 million tonnes of coal from PT Adaro Energy Tbk (ADRO.JK) and PT Kid ...
Thursday, 03 September 09
ICVL IN TALKS FOR COAL BLOCKS IN INDONESIA
These acquisitions will help ICVL meet an internal target of importing at least 5 million tonnes (mt) of coking coal by 2012-13
LiveMint reported ...
Tuesday, 01 September 09
THREE COAL INVESTMENTS AND A SECTOR ON FIRE
With recession fears fading into the past in Asia and growth increasingly back on track in the West, global energy demand is again surging. It's no ...
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- Renaissance Capital - South Africa
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- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Australian Coal Association
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- Videocon Industries ltd - India
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- Australian Commodity Traders Exchange
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- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
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- Planning Commission, India
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- Maharashtra Electricity Regulatory Commission - India
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- Parliament of New Zealand
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- Romanian Commodities Exchange
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- Anglo American - United Kingdom
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- London Commodity Brokers - England
- Singapore Mercantile Exchange
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- Power Finance Corporation Ltd., India
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- South Luzon Thermal Energy Corporation
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- Minerals Council of Australia
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- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- The University of Queensland
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- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
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- Therma Luzon, Inc, Philippines
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- India Bulls Power Limited - India
- Wilmar Investment Holdings
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- Agrawal Coal Company - India
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- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
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- ASAPP Information Group - India
- Latin American Coal - Colombia
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- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
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- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
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- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
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- SMC Global Power, Philippines
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- Salva Resources Pvt Ltd - India
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- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
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