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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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Thursday, 15 October 09
GOVT TO CAP COAL EXPORTS AT 150 MILLION TONS A YEAR
The Jakarta Post reported that, The government plans to cap coal exports at around 150 million tons a year in a bid to guarantee supply for domestic ...
Thursday, 15 October 09
AUSTRALIAN MINING COMPANIES REPORTED FINDING 1.5 BILLION COAL MINE DEPOSIT IN MOZAMBIQUE
Paguntaka reported that, Mozambique is a country that has the potential mining areas are very rich. Many mining companies who want to invest in the ...
Wednesday, 14 October 09
INDONESIA POWER FIRM SIGNS LOAN AGREEMENTS FOR OVER $1 BLN
Reuters reported that, Indonesia's state electricity firm PT Perusahaan Listrik Negara (PLN) has raised more than $1 billion from a group of banks ...
Wednesday, 14 October 09
LARSEN & TOUBRO MAY ENTER POWER GENERATION BUSINESS IN INDIA
Bloomberg reported that, Larsen & Toubro Ltd., India’s biggest engineering company, said it is considering entering the power generation b ...
Wednesday, 14 October 09
INDONESIA MULLS TO LIMIT COAL EXPORT
China View reported that, The Indonesian government planned to limit coal export of up to 150 million tons per year due to the growing coal demand i ...
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- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
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