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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, 21 October 09
INDONESIA'S BUKIT ASAM GETS COAL RAILWAY APPROVAL
Reuters reported that, Indonesian state coal miner PT Tambang Batubara Bukit Asam Tbk said on Wednesday it had been given government approval to sta ...
Wednesday, 21 October 09
COAL DEMAND SOARS AS ASIA ECONOMIES REBOUND - PEABODY
Reuters reported that, Demand for coal to generate electricity and make steel in China and India is expected to grow by 7 percent to 8 percent annua ...
Wednesday, 21 October 09
INDONESIAN SHOCK FOR INDIAN POWER PLANTS
Business-Standard reported that, India’s ambitious plans to generate an additional 180,000 Mw of power in the next seven years will face hurdl ...
Wednesday, 21 October 09
DUTA GRAHA PLANNING TO DELVE INTO MINING SECTOR
The Jakarta Globe reported that, PT Duta Graha, one of the country’s largest private engineering firms, says it intends to diversify into the ...
Tuesday, 20 October 09
RECAPITAL SET TO BUY INDONESIA'S BERAU COAL - SOURCES
* COULD PAY AT LEAST $1.3 BLN FOR BERAU - SOURCES
* RECAPITAL CONFIRMS IT HAS BID FOR BERAU
* BAKRIE GROUP LIKELY TO BACK BID – SOURCES
...
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- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
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- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
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- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
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- Miang Besar Coal Terminal - Indonesia
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- Pipit Mutiara Jaya. PT, Indonesia
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- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
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- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
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- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- The University of Queensland
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
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- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Xindia Steels Limited - India
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
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