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