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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 $650-million revolver.
Crutchfield indicated on Thursday the firm will continue to look at potential merger and acquisition opportunities.
“With our liquidity and scale, Alpha has a number of strategic options.
“Our financial position enables us to entertain additional M&A opportunities which can either be small bolt-on acquisitions, that complement our existing business, or transformational deals, like the merger with Foundation,” he said.
The firm has created a new position of chief strategy officer, who will have the responsibility of evaluating both acquisitive and organic opportunities.
Management is committed to the continued growth of the company, Crutchfield said, but added that it would not be “growth for growth's sake”.
“Future growth projects – be they through acquisition or organic development – will be undertaken prudently, with careful thought to strategic fit, valuation and manageability.”
“But one thing's for sure: we will continue to grow beyond the current merger,” he asserted.
Source: Mining Weekly
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Friday, 28 August 09
JSW MAY BUY AFRICAN MINE FOR US$ 350
The Economic Times Reported that, The Sajjan Jindal-owned JSW Group is in advanced talks to acquire a coal mine in Swaziland, Africa, at an estimate ...
Friday, 28 August 09
COAL INDIA ALLOWED TO IMPORT COKING COAL
The government Thursday allowed the state-owned Coal India to import coking coal and high grade ash thermal coal by acquiring coal properties abroad ...
Thursday, 27 August 09
CIL TO SPEND US$ 1 - 1.5 BN TO ACQUIRE ASSETS IN 4 COUNTRIES
Business Standard reported that, "Coal India is looking to spend $1-1.5 billion in acquiring mining assets in Australia, Indonesia, South Afric ...
Wednesday, 26 August 09
INDIA'S JSW TO DOUBLE JAIGARH PORT CAPACITY TO 20 MT
Sea Trade Asia reported that, JSW Jaigarh Port, a wholly owned subsidiary of JSW Infrastructure & Logistics, plans to double cargo handling capa ...
Wednesday, 26 August 09
JSW ENERGY NEARS COAL-SUPPLY LINKAGE DEAL IN INDONESIA
Sajjan Jindal-owned JSW Energy is close to finalising a coal-supply linkage pact in Indonesia and is also exploring options of acquiring ...
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- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Independent Power Producers Association of India
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- PTC India Limited - India
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
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