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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 $49,23 apiece by 12:48 in New York.
“Today’s results were well short of our expectations, though Consol’s outlook remains unchanged,” Dahlman Rose & Co analyst Daniel Scott said in a note.
“The potential for sales of the company’s top-quality metallurgical product to a firming steel industry are a major positive for the company.”
Source: Mining Weekly
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Thursday, 12 November 09
GANGAVARAM PORT SETS RECORD BY DISCHARGING 80,514 TONNE OF COAL CARGO
Gangavaram Port, the deepest port in the country with water depth of 20 meters, has achieved an unprecedented milestone by discharging 80,514 metric ...
Thursday, 12 November 09
FOREIGN INVESTMENT IN RUSSIAN COAL SECTOR
Reuters reported that, Russia's coal mines, particularly in the Arctic and Far East, are attracting interest from foreign investors as commodity pr ...
Thursday, 12 November 09
BANPU TO INVEST US$ 466 M
Plan targets 33.5m tonnes of coal per year
Bangkok Post reported that, Banpu Plc, Asean's largest coal miner, is planning capital investments of ...
Wednesday, 11 November 09
NORTHSTAR TAKES 40 PER CENT OF INDONESIAN MINING COMPANY
AltAssets reported that, PT Northstar Pacific Partners, the Indonesian affiliate of US private equity firm TPG, has taken a 40 per cent stake in Ind ...
Wednesday, 11 November 09
INDONESIAN COAL MINERS SOLD BIG VOLUMES OF 2010 TO CHINA
* China has scooped up large volumes of Indonesian coal
* Total exports to China in 2010 seen to exceed 20 million T
* Chinese, Indian demand may ...
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- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Australian Coal Association
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
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