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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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Wednesday, 11 November 09
INDIAN COAL IMPORT FROM SA IN OCTOBER
Reuters reported that India imported 2.4 million tonnes of coal from South Africa's Richards Bay Coal Terminal in October 2009, 35% of the total of ...
Wednesday, 11 November 09
INDONESIA ASKS DOMESTIC COAL FIRMS TO SET ASIDE 30PCT OF OUTPUT
Indonesian government said that it had asked domestic coal producers to set aside 30% of their output next year to meet demand from new coal fired p ...
Wednesday, 11 November 09
MINING ACQUISITIONS BECOMING MORE STRATEGIC - E&Y
Mining Weekly reported that, Although miners around the world are looking to position themselves for growth, companies are being more selective when ...
Tuesday, 10 November 09
THAI COAL MINER BANPU Q3 NET UP, BEATS FORECAST
Reuters reported that, Thailand's top coal miner, Banpu, said on Tuesday its third-quarter net earnings rose a higher-than-expected 22 percent, hel ...
Monday, 09 November 09
NAPOCOR DEFERS 50,000 T COAL TENDER
Top Philippine electricity producer National Power Corp. (Napocor) has indefinitely postponed a tender for supply of 50,000 tons of steam coal sched ...
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- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
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- PowerSource Philippines DevCo
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- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
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- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
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- Ministry of Transport, Egypt
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- McConnell Dowell - Australia
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- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
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- Global Business Power Corporation, Philippines
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- Mjunction Services Limited - India
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- Minerals Council of Australia
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- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Posco Energy - South Korea
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
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- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Goldman Sachs - Singapore
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- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
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- Jorong Barutama Greston.PT - Indonesia
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- Economic Council, Georgia
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
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- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
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- Borneo Indobara - Indonesia
- White Energy Company Limited
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
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- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
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- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
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- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
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- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
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- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- The University of Queensland
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
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