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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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- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Planning Commission, India
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Economic Council, Georgia
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