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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 $49,23 apiece by 12:48 in New York.
“Today’s results were well short of our expectations, though Consol’s outlook remains unchanged,” Dahlman Rose & Co analyst Daniel Scott said in a note.
“The potential for sales of the company’s top-quality metallurgical product to a firming steel industry are a major positive for the company.”
Source: Mining Weekly
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Monday, 23 November 09
INDONESIA MINING RULE THREATENS INVESTMENT DRIVE
A new Indonesian mining rule, limiting contract work that can be outsourced and favouring local players, is shaping up as a new blow to plans ...
Sunday, 22 November 09
SHORT PERIOD RATES FOR SUPRAMAX WAS AT US$ 25,000/26,000 PER DAY FOR VESSELS OPENING FAR EAST / SE ASIA - VISTAAR ANALYSIS
COALspot.com (Singapore): Analyised by Capt. Radhakrishnan Reddy, Managing Director of Vistaar Shipping Services, Singapore.
BDI hits a new high ...
Friday, 20 November 09
INDONESIA UNITED TRACTORS PLANS $430 MLN CAPEX IN 2010
Reuters reported that, Indonesian heavy equipment distributor and mining contractor PT United Tractors Tbk plans capital expenditure of $430 million ...
Friday, 20 November 09
DRY BULK SHIP OWNERS HOPE RALLY WILL LAST
Boon times are still on the daily agenda of every dry bulk ship owner these days after one of the toughest year in the industry’s century-old ...
Friday, 20 November 09
NTPC LOOKING FOR LONG TERM CONTRACTS FOR COAL IMPORT
Business Standard of India reported that, State run power firm NTPC today said it is looking for long-term supply of coal from overseas market to me ...
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- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- White Energy Company Limited
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
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