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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, 15 October 09
GOVT TO CAP COAL EXPORTS AT 150 MILLION TONS A YEAR
The Jakarta Post reported that, The government plans to cap coal exports at around 150 million tons a year in a bid to guarantee supply for domestic ...
Thursday, 15 October 09
AUSTRALIAN MINING COMPANIES REPORTED FINDING 1.5 BILLION COAL MINE DEPOSIT IN MOZAMBIQUE
Paguntaka reported that, Mozambique is a country that has the potential mining areas are very rich. Many mining companies who want to invest in the ...
Wednesday, 14 October 09
INDONESIA POWER FIRM SIGNS LOAN AGREEMENTS FOR OVER $1 BLN
Reuters reported that, Indonesia's state electricity firm PT Perusahaan Listrik Negara (PLN) has raised more than $1 billion from a group of banks ...
Wednesday, 14 October 09
LARSEN & TOUBRO MAY ENTER POWER GENERATION BUSINESS IN INDIA
Bloomberg reported that, Larsen & Toubro Ltd., India’s biggest engineering company, said it is considering entering the power generation b ...
Wednesday, 14 October 09
INDONESIA MULLS TO LIMIT COAL EXPORT
China View reported that, The Indonesian government planned to limit coal export of up to 150 million tons per year due to the growing coal demand i ...
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- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
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