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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, 22 October 09
2ND UNITED INDONESIA CABINET UNVEILED
The Jakarta Post reported that, President Susilo Bambang Yudhoyono announced his second United Indonesia Cabinet on Wednesday night, comprising 34 m ...
Thursday, 22 October 09
PEABODY SET TO TAP ASIAN DEMAND FOR COAL
The Australian reported that, US coal giant Peabody Energy plans to double its Queensland and NSW coal exports in the next five years, as it looks t ...
Wednesday, 21 October 09
INDONESIA POWER FIRM SEEKS TO DEFER COAL SUPPLIES
Reuters reported that, Indonesia's state power firm is negotiating with two coal producers, including a unit of PT Bumi Resources Tbk, to defer a c ...
Wednesday, 21 October 09
MINING REGULATION GENERATES CONFUSION IN INDONESIA
The Jakarta Globe reported that, Mining industry representatives said on Friday they were confused by a recently issued regulation restricting the w ...
Wednesday, 21 October 09
LAW ACCOMMODATES NATIONAL AND INVESTOR INTERESTS
COALspot.com (Indonesia): According to ESDM, the government has issued five Lawson the energy and mineral resources sector. These laws will prioriti ...
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- Krishnapatnam Port Company Ltd. - India
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- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Goldman Sachs - Singapore
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- Deloitte Consulting - India
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- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Minerals Council of Australia
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- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
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- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
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- Petrochimia International Co. Ltd.- Taiwan
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- San Jose City I Power Corp, Philippines
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- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Australian Coal Association
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- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Economic Council, Georgia
- Wood Mackenzie - Singapore
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- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
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- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
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- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
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