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Friday, 23 October 09
2010 WILL BE 'BRIDGE YEAR' FOR COAL - CONSOL CHIEF
 Mining Weekly reported that, After a difficult 2009, 2010 will likely be a “bridge” year for the US coal industry, followed by improved conditions in 2011, Consol Energy CEO Brett Harvey said on Thursday.
Consol – the fourth-biggest coal producer in the US – saw earnings decline year-on-year in the third quarter because of lower coal volumes, and will continue to match production to the market, he said on a conference call.
“Our shareholders need to be aware that we are not going to mine this coal unless we have a place to put it - we are going to manage our inventories, we are not going to put ourselves in a distressed position,” Harvey said.
Consol reduced annual production levels twice this year, by a total of seven million tons, to 58-million tons.
Unfortunately, lower volumes have put pressure on costs, particularly for the company's metallurgical coal, he said.
The company will focus capital spending in 2010 on efficiency projects that are already under way, but will not add any new projects in the coal business.
“And we think 2010 is a bridge year to, I think, a tightened market, and a volume-constrained market, based on the financial capabilities of our competitors, as well as the pressure from the federal government and the state governments, for a new environmental push at a much higher threshold,” Harvey said.
On the thermal coal side, US demand will likely remain soft, given the high levels of stockpiles .
However, if and when demand improves, Consol will be in a position to boost its production levels.
The company does see “movement” in the metallurgical coal market, Harvey said.
Asian steel plants are now running at about 75% of capacity, while US plants are at around 60%, he said.
“And we see some upside there.”
Consol has locked in metallurgical coal sales for 2010 at around $114/t to $115/t, and does not expect to price any steelmaking coal next year below that level.
The company produces metallurgical coal from its Buchanan mine, in Virginia, which it restarted in July.
Longwall production at the mine was idled in March, in response to sharply lower demand from steel producers.
Harvey said that Consol has considered making acquisitions, but that it is still “a bit early” to move on its potential targets.
“There is still some pain in the coal business to come for people who are in poor financial positions,” he commented.
Consol shares slid 3,6% on Thursday, to $49,23 apiece by 12:48 in New York.
“Today’s results were well short of our expectations, though Consol’s outlook remains unchanged,” Dahlman Rose & Co analyst Daniel Scott said in a note.
“The potential for sales of the company’s top-quality metallurgical product to a firming steel industry are a major positive for the company.”
Source: Mining Weekly
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Thursday, 26 November 09
CIL EYES OVERSEAS ACQUISITIONS TO BRIDGE SUPPLY GAP
Coal Minister Sriprakash Jaiswal on Wednesday said that state-run coal major Coal India is looking to acquire coal blocks in the US and
othe ...
Wednesday, 25 November 09
NAPOCOR SCRAPS AWARD OF 715,000 TONS COAL
Top Philippine electricity producer National Power Corp. (Napocor) said on Wednesday it had cancelled plans to award 715,000 tons in coal supply con ...
Wednesday, 25 November 09
RISING FREIGHT RATES HIT COAL IMPORTERS
While state-owned NTPC’s 12.5 million tonne coal import order may have been aimed at plugging the shortage of coal at its thermal power plants ...
Wednesday, 25 November 09
CSN TO BUY RIVERSDALE STAKE TO BOOST COAL SUPPLIES
Cia. Siderurgica Nacional SA plans to buy 16.3 percent of Australian coal-exploration company Riversdale Mining Ltd. for about A$190.5 million ($175 ...
Tuesday, 24 November 09
ICRA DOWNGRADES TNPL`S RATING TO LAA
Credit rating agency, ICRA has revised the long term rating for the Rs 11.25 billion long-term fund-based bank facilities and Rs 1.5 billion non-con ...
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- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Australian Coal Association
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- VISA Power Limited - India
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
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