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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, 09 October 09
INDIKA IN TALKS TO SELL 4M TONS OF COAL, EYEING BP ASSETS
The Jakarta Post reported that, Energy company PT Indika Energy is in talks with Indian buyers to sell 4 million tons of coal next year, one of its ...
Friday, 09 October 09
BULK-SHIPPING LINES MUST CANCEL 50% OF NEW ORDERS, PLATOU SAYS
Bloomberg reported that, Bulk-shipping lines need to cancel half of the new vessels they have on order to ease a capacity glut and revive freight ra ...
Friday, 09 October 09
THE BALTIC DRY INDEX WOKE UP: DRY BULK MARKET ON THE RISE
Hellenic Shipping News reported that, In what could prove the beginning of a new and sustainable rally for the dry bulk market, the BDI (Baltic Dry ...
Friday, 09 October 09
STRAITS ASIA INDONESIAN MINE COAL LOADER COLLAPSES
* New coal loading facility collapsed due to heavy rain
* Older coal loading facility seem unaffected so far
* UBS may cut valuation if disruption ...
Thursday, 08 October 09
COAL INDIA SAYS IMPORTS COULD JUMP 10 TIMES IN 3 YRS
Reuters reported that, Coal imports by state explorer Coal India Ltd could jump 10 times to 40-45 million tonnes in three years to meet a sharp rise ...
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- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
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