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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, 14 October 09
SA'S COAL OUTPUT LIKELY TO RISE BY 2011, BOOSTED BY WATERBERG MINES
Mining weekly reported that, South Africa's coal production will struggle to meet demand over the next few years, but coal production could likely ...
Tuesday, 13 October 09
INDONESIA'S BAYAN SEES 2010 COAL OUTPUT UP 42 PCT
Reuters reported that, Indonesian coal miner PT Bayan Resources Tbk (BYAN.JK) said on Tuesday it expects its coal output to increase by 42 percent i ...
Tuesday, 13 October 09
STRAITS ASIA UPBEAT ON MEETING 2009 COAL OUTPUT
Reuters reported that, Singapore-listed coal miner Straits Asia is still optimistic about meeting its coal output target of 9 million tonnes this ye ...
Tuesday, 13 October 09
THERMAL COAL DEMAND IN CHINA DRIVES PRICE INCREASES
Metal Miner reported that, Thermal coal prices have been falling this year; contrary to many other commodities, both metals and energy that hit bott ...
Tuesday, 13 October 09
JSW ENERGY SCOUTING FOR PARTNERS, ACQUISITIONS
Business-Standard reported that, JSW Energy is planning to become an integrated power company by bringing in a partner for its transmission business ...
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- Orica Mining Services - Indonesia
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- Minerals Council of Australia
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- Lanco Infratech Ltd - India
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- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
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- Indonesian Coal Mining Association
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- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
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- IHS Mccloskey Coal Group - USA
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- Baramulti Group, Indonesia
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- Kumho Petrochemical, South Korea
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- Central Electricity Authority - India
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- Trasteel International SA, Italy
- Anglo American - United Kingdom
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- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
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- Meenaskhi Energy Private Limited - India
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- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
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- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
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- Goldman Sachs - Singapore
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- White Energy Company Limited
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
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- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
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- Chettinad Cement Corporation Ltd - India
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- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
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- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
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- London Commodity Brokers - England
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
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- The University of Queensland
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