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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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- Kobexindo Tractors - Indoneisa
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- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
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- Mintek Dendrill Indonesia
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- Xindia Steels Limited - India
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- Parry Sugars Refinery, India
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- The University of Queensland
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- Bayan Resources Tbk. - Indonesia
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- Energy Link Ltd, New Zealand
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- New Zealand Coal & Carbon
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- India Bulls Power Limited - India
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- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
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- Billiton Holdings Pty Ltd - Australia
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- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
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- ICICI Bank Limited - India
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- Independent Power Producers Association of India
- GMR Energy Limited - India
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- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
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- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Parliament of New Zealand
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- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
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- Timah Investasi Mineral - Indoneisa
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- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
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- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
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- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
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- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Sical Logistics Limited - India
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- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
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- Bangladesh Power Developement Board
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- San Jose City I Power Corp, Philippines
- Australian Coal Association
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- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
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- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
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- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
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- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
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- Eastern Coal Council - USA
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