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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, 28 October 09
MIDDLE EAST COAL EYEING INDIAN POWER PLANTS IN EXCHANGE FOR LONG TERM COAL SUPPLY
Reuters reported that UAE's Middle East Coal is in talks to buy equity stakes in India's power plants in exchange for long term coal supply.
ME ...
Wednesday, 28 October 09
INVESTMENT IN MINING SECTOR HAMPERED BY LATE REGULATIONS
The Jakarta Post reported that, Indonesia may have to wait for a potential massive inflow of new investment into the mining sector due to delays in ...
Tuesday, 27 October 09
CHINA'S SEPT. COAL IMPORTS RISE AS ECONOMY RECOVERS
Bloomberg reported that, China, the world’s largest coal user and producer, increased imports of the fuel in September to meet rising domest ...
Monday, 26 October 09
DARWIN EYES PRIVATE INVESTMENT
The Jakarta Post reported that, the new energy and ministerial resources minister, Darwin Zahedy Saleh, has set his sights on accelerating the reali ...
Sunday, 25 October 09
THE FUTURE FREIGHT MARKET IS EXPECTED TO HAVE POSITIVE DIRECTION - VISTAAR
COALspot.com (Singapore): According to Vistaar Shipping an experienced ship operator in Singapore, the BDI shot up this week (19-24 October) by abou ...
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- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- MS Steel International - UAE
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Planning Commission, India
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
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