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Saturday, 17 October 09
US COAL MINERS LOOKING AT LOWER PROFITS
 Most US coal miners are looking at sharply lower third-quarter earnings, but those that produce coal for steelmaking and export should enjoy higher prices in the longer run than those that sell coal for power generation, analysts say.
Last year's economic downturn hit both steel and electricity demand hard and miners were forced to cut back on production as coal prices slumped. But now there are signs that coal demand, at least from steelmakers, is coming back.
"We generally favor coal producers with international leverage, especially those tied to steel production via metallurgical coal, over thermal coal producers," analyst Jeremy Sussman of Brean Murray, Carret & Co said on Thursday.
And Morgan Stanley's Mark Liinamaa and Wes Sconce said they expected premium hard metallurgical or coking coal for steelmaking to be selling at $160 per tonne in 2010, with prices trending higher through 2013. In June, the benchmark price for coking coal was $129 per tonne.
"Our commodity team sees higher seaborne thermal coal prices going forward but we do not expect demand for U.S. thermal coal exports for the next 12-18 months," the Morgan Stanley analysts said in a research note.
In afternoon trading on the New York Stock Exchange on Friday, the S&P index of coal stocks .GSPCOAL was down 1,2 percent, with Alpha Natural Resources the biggest loser, down 3 percent at $37,61. Consol Energy fell 2.4 percent to $49,76, Massey Energy fell 1,4 percent to $32,89, Peabody Energy was down 1,3 percent at $41,69 and Arch Coal was off 11 cents at $23,94.
This week, Dahlman Rose & Co downgraded Peabody, Arch and James River Coal to "hold" from "buy," saying the weak outlook for thermal coal does not support current valuations.
Peabody kicks off the earnings season for coal miners next Tuesday, followed by Arch, Consol Energy, Massey Energy and Alpha Natural Resources.
Of those producers, only Consol is seen posting a profit bigger than in the 2008 quarter, according to Thomson Reuters I/B/E/S. Analysts on average expect Consol's earnings to be 66 cents per share, compared with 49 cents a year earlier.
"Consol has one big met mine (Buchanan, in Virginia) and we expect it to do better than expected as there has been a lot of spot demand from China," said Sussman.
He said Arch had the least metallurgical coal of the major miners and analysts currently expect its profit to be 4 cents per share, way off last year's 68 cents.
Peabody produces coking coal at its Australian mines, but analysts expect a big drop in third-quarter profit from $1,38 per share to 22 cents. Earnings of Massey, which has about 25 percent metallurgical coal, are expected to drop to 18 cents per share from 86 cents a year ago and Alpha's profit is expected to drop to 39 cents from 90 cents a year earlier.
Sussman said lower electricity demand from industry since last year's economic downturn has hurt coal miners that produce thermal or steam coal, which is burned in power plants.
"Inventory levels at utilities are still way too high (70 days, or 50 percent above average) for thermal coal producers to speak positively about the thermal coal market," he said.
According to Edison Electric Institute, for the 52 weeks ended Oct. 10, U.S. power production was down 3.4 percent from the corresponding period in 2008.
"On the other hand, there have been a number of recent positive data points in the met coal space, which should help met coal producers' earnings," said Sussman.
He noted China imported about 8.7 million tonnes of met coal during the third quarter, 30 percent more than in all of 2008. Also, Australia has slowed shipments to China recently and the United States appears to be picking up some of the slack.
"U.S. met coal companies should see a meaningful pickup in activity levels in the second half of the year versus the first half," said Sussman.
Morgan Stanley's analysts said investors seeking exposure to the coking coal upside might consider Cliffs Natural Resources, an iron ore pellet producer, which also operates some coal mines.
"Cliffs' U.S. coking coal mines can grow to 4,5 million tons by 2011, ahead of the market's 3,5 million-ton outlook," Liinamaa and Sconce wrote. Analysts expect Cliffs to report a 6-cent loss in the third quarter, after a $2,13 per-share profit a year ago.
Source: Mining Weekly, Reuters
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Monday, 09 November 09
SAM'S SEAFOOD HOLDINGS SET TO COMMENCE DRILLING AT INDONESIAN COAL PROJECT
Proactive Investors reported that, Sam's Seafood Holdings is preparing to kick off diamond drilling at the company's Indonesian coal project after ...
Saturday, 07 November 09
THE STEAM COAL MOVEMENT FROM INDONESIA TO INDIA REMAINED QUITE STRONG - CAPT. REDDY
COALspot.com (Singapore): The BDI continued rising this week and was up by 290 points up by almost 9 pct and the index closed at 3,393 points.
B ...
Friday, 06 November 09
COAL INDIA ABANDONS PLAN TO BUY ASSET IN AUSTRALIA
Coal India’s efforts to acquire a mid-sized virgin thermal coal block from a private party in Australia have drawn a blank.
The effort was ...
Friday, 06 November 09
NEW ASSETS WILL INCREASE COKING AND THERMAL COAL PRODUCTION
Coal and metals processing company Coal of Africa Limited (CoAL) aims to produce 10-million tons a year of coking coal and two-million tons a year o ...
Friday, 06 November 09
NTPC TO APPOINT MERCHANT BANKER FOR S AFRICA COAL MINE
State-run power producer NTPC, which is eyeing coal mines in South Africa to meet the gap in domestic fuel supply, will appoint a merchant banker ne ...
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- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- The University of Queensland
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
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