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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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Tuesday, 17 November 09
JSW STEEL MAY SPEND $500 MILLION TO ACQUIRE COAL MINES OVERSEAS
JSW Steel Ltd., India’s third- biggest producer, may spend $500 million buying coal mines overseas, securing supplies for its local expansion. ...
Monday, 16 November 09
141 VESSELS ARE EXPECTED TO LOAD 8.833 MILLION TONS OF INDONESIAN COAL BEFORE 30 NOVEMBER 2009
COALspot.com (Indonesia): 141 vessels are expected to load or sail with 8.833 million tons of Indonesian coal before 30 November 2009.
A source f ...
Sunday, 15 November 09
NALCO SHELVES SA PROJECT- PUTS IRAN PROJECT ON HOLD
The Economic Times reported that, In a twin decision on its global operations involving about Rs 27,000-crore (US$ 5.847billions) investment, the st ...
Saturday, 14 November 09
SHORT PERIOD RATES FOR SUPRAMAX WAS AT US$ 19,000 / 20,000 PER DAY FOR VESSELS OPENING FAR EAST / SE ASIA - VISTAAR SINGAPORE
COALspot.com (Singaproe): BDI continues to rally crossing the 4,000 mark. The BDI increased this week by 718 points up by 21 pct and closed at 4,111 ...
Saturday, 14 November 09
CHINA HAS BEEN THE LARGEST SINGLE BUYER OF INDONESIAN COAL IN OCTOBER, TAKING 24.37% OF TOTAL EXPORT QUANTITY OF 22.637 MILLION TONS
COALspot.com (Indonesia): China has been the largest single buyer of Indonesian coal in October 2009, taking 24.37% of total export quantity o ...
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- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Australian Coal Association
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Minerals Council of Australia
- Medco Energi Mining Internasional
- The University of Queensland
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- White Energy Company Limited
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
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