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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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Sunday, 01 November 09
MINES REGULATION AMENDMENT BILL TO BE TABLED IN PARLIAMENT
Thaindia News reported that, A bill seeking to amend the Mines and Minerals Development Regulation Act, 1957, will be introduced in the winter sessi ...
Sunday, 01 November 09
THE COAL MOVEMENT TO INDIA FROM SOUTH AFRICA AND INDONESIA WOULD BE CONTINUE INCREASE - VISTAAR SINGAPORE
COALspot.com (Singapore): The BDI continued to be firm with an increase of 60 points and closed at 3,103 points.
The cape index also was firm an ...
Sunday, 01 November 09
INDONESIA ADARO Q3 NET PROFIT JUMPS ON COAL DEMAND
* Q3 net profit up 131.6 percent to 1.27 trillion rupiah
* Q3 revenue up 56.8 percent to 7.12 trillion rupiah
Reuters reported that, Indonesia' ...
Sunday, 01 November 09
PT INDIKA MAY BUY STAKES IN BHPB INDONESIA OPERATIONS
Dow Jones reported that Indonesian coal producer PT Indika Energy may buy stakes in BHP Billiton Limited's Indonesian coal operations and in local ...
Sunday, 01 November 09
ADAVALE RESOURCES MAKES COAL ACQUISITIONS IN INDONESIA
Adavale Resources Limited has entered into an agreement to acquire the rights to two thermal coal projects Tapan and Jambi in Sumatra Indonesia, hel ...
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- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- The University of Queensland
- PTC India Limited - India
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Marubeni Corporation - India
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