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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, 08 October 09
MINING TO ATTRACT $6B: BKPM
The Jakarta Post reported that, Indonesia’s mining sector could expect investment of up to US$6 billion in the 2010-2012 period, in part becau ...
Thursday, 08 October 09
INDIA DEMAND TO HELP DIRE COAL OUTLOOK - MACQUARIE
Reuters reported that, Macquarie Securities said on Wednesday its bearish short-term outlook on thermal coal may begin improving in a year's time o ...
Thursday, 08 October 09
ESSAR UNIT WINS INR 479 CR (US$ 103,272,401) ORISSA PROJECT
The firm will develop and operate the terminal at Paradip port; the contract will stretch up to 30 years
Live Mint reported that, Essar Shipping ...
Wednesday, 07 October 09
ESSAR, JINDAL IN TAKEOVER TUSSLE FOR AUSTRALIAN COAL MINER
Reuters reported that, Privately owned Essar Group has launched a surprise A$144.2 million ($128.1 million) bid for Australian coal minnow Rocklands ...
Wednesday, 07 October 09
ADARO SECURES $500 M LOAN
The Jakarta Post reported that, The country's second largest coal producer, PT Adaro Energy announced on Wednesday that it has secured US$500 milli ...
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- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- The University of Queensland
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
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