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