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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 $49,23 apiece by 12:48 in New York.
“Today’s results were well short of our expectations, though Consol’s outlook remains unchanged,” Dahlman Rose & Co analyst Daniel Scott said in a note.
“The potential for sales of the company’s top-quality metallurgical product to a firming steel industry are a major positive for the company.”
Source: Mining Weekly
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Thursday, 29 October 09
MMTC AWARDED 12.5 MILLION TONS TO THREE INDIAN TRADERS
COALspot.com (India): State-run trading firm MMTC awarded tenders for the import of 12.5 million tonnes of coal for NTPC to three Indian coal trader ...
Thursday, 29 October 09
COAL OF AFRICA SEES VELE OUTPUT BY APRIL 2010
* First coal from Mooiplaats mined and sold
* Talks with Transnet on rail PPP on track
Reuters reported that, Coal of Africa (CoAL) said on Mond ...
Thursday, 29 October 09
UAE FUND EYES INDIA POWER FOR INDONESIAN COAL
Reuters reported that, the UAE's Middle East Coal (MEC) is in talks to buy equity stakes in India's power plants in exchange for long-term coal su ...
Thursday, 29 October 09
CESC POSTS RS 126 CRORE (US$ 26,655,178) NET PROFIT IN QUARTER TWO
Economic Times reported that, Energy major CESC posted a marginal increase in net profit at Rs 126 crore (US$ 26,655,178) for the quarter ended Sep ...
Thursday, 29 October 09
INDIA MMTC TENDER SET TO BOOST S.AFRICA COAL
The South African coal market is set to be boosted further by India's state-owned trading firm MMTC Ltd's tender for 12.5 million tonnes, Indian t ...
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- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- PTC India Limited - India
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Indian Oil Corporation Limited
- The University of Queensland
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
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