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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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Friday, 23 October 09
AUSTRALIA APPROVES CHINESE TAKEOVER OF FELIX RESOURCES
* Australia give conditional approval to China's Felix deal
* Chinese owner must list the assets on Australian exchange
Reuters reported that, ...
Friday, 23 October 09
IVANHOE TARGETING 20 MILLION TONS OF COAL OUTPUT IN MONGOLIA
Bloomberg reported that, Ivanhoe Mines Ltd., developing a $4 billion copper and gold mine in Mongolia with Rio Tinto Group, is targeting long-term c ...
Friday, 23 October 09
XSTRATA PLANS $1BN AUSTRALIAN COAL PORT
Xstrata Plc, the world's biggest exporter of steam coal, plans to build a new $1 billion coal port in Australia, it said.
The proposed Balaclava ...
Friday, 23 October 09
MEXICO'S CFE SEEKS 6.24 MLN T COAL FOR 2010-12
Reuters reported that, Mexico's state-owned power monopoly plans to award a tender for 6.24 million tonnes of steam coal in December, according to ...
Friday, 23 October 09
CIL PRICE HIKE LIKELY TO PUSH POWER RATES UP
Business-Standard reported that, May squeeze cement companies’ margins, but the steel sector is unlikely to be affected much.
The upward re ...
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- Sindya Power Generating Company Private Ltd
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- Standard Chartered Bank - UAE
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- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
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- Medco Energi Mining Internasional
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- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
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- Altura Mining Limited, Indonesia
- Minerals Council of Australia
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- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
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- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
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- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
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- Australian Coal Association
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- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- PTC India Limited - India
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
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- SMG Consultants - Indonesia
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- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
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- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
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- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
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- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
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- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Central Java Power - Indonesia
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- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- The University of Queensland
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- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
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- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
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- Cement Manufacturers Association - India
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- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
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- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
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- Ministry of Mines - Canada
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
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