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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, 19 November 09
THE GOVERNMENT TO GUARANTEE COAL SUPPLIES FOR POWER PLANTS
The government guarantees coal supplies for power plants under a 10,000 MW-capacity power plant construction acceleration program.
Minister of En ...
Thursday, 19 November 09
FAST-TRACK FOCUS ON COAL POWER MAY COST INDONESIA BILLIONS
The Jakartaglobe reported that, As it begins to tap its massive coal reserves to generate cheap electricity, Indonesia may face additional costs of ...
Wednesday, 18 November 09
THAI PTT PLANS COAL MINE INVESTMENT IN INDONESIA
* To conclude Indonesian coal mine buy in 6 months
* Sees coal output jumping to 20 mln tonnes in five years
Reuters reported that, PTT , ...
Wednesday, 18 November 09
ASIA-PACIFIC MINISTERIAL CONFERENCE ON PUBLIC-PRIVATE PARTNERSHIPS FOR INFRASTRUCTURE DEVELOPMENT
“Building Asia’s Infrastructure”
COALspot.com (Indonesia) Press Release: Infrastructure Asia 2010 is Asia’s premier infra ...
Wednesday, 18 November 09
AMBUJA COAL TENDER PRICES EQUATE TO $61.50/T FOB
Reuters reported that, coal prices achieved by Indian cement maker Gujarat Ambuja in its early November tender equate to $61.50 a tonne FOB Richards ...
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- Salva Resources Pvt Ltd - India
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- IHS Mccloskey Coal Group - USA
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- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
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- McConnell Dowell - Australia
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- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
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- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
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- San Jose City I Power Corp, Philippines
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- Georgia Ports Authority, United States
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- Indonesian Coal Mining Association
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- Economic Council, Georgia
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- Parliament of New Zealand
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- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
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- Global Coal Blending Company Limited - Australia
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- Krishnapatnam Port Company Ltd. - India
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- London Commodity Brokers - England
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- Minerals Council of Australia
- PowerSource Philippines DevCo
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- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
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- Thiess Contractors Indonesia
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- Electricity Generating Authority of Thailand
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- South Luzon Thermal Energy Corporation
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- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
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- Port Waratah Coal Services - Australia
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- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
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- Energy Link Ltd, New Zealand
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- Planning Commission, India
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- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
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- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
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- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
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- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- MS Steel International - UAE
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