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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, 07 October 09
COAL INDIA, SHIPPING CORP MAY FORM VENTURE TO IMPORT COAL
The venture may be on the lines of the firm that CIL plans with SAIL for coal imports in which both to hold 25%
Live Mint reported that, State-ru ...
Tuesday, 06 October 09
ASIA COAL-PRICE REBOUND TOWARDS $71 ON TENDER ACTIVITY
Reuters reported that, Prices of power-station coal in Australia, a benchmark for Asia, rose 4 percent in the latest week to near $71 a tonne, bolst ...
Tuesday, 06 October 09
BHARATHI CEMENT TO ADD 2.5 MT CAPACITY BY 2010
Business-Standard reported that, Bharathi Cement Corporation (BCC) commenced its commercial operations from its Nallalingayapalli manufacturing plan ...
Tuesday, 06 October 09
MOZAMBIQUE TO BUILD COAL RAILWAY
BBC reported that, Mozambique's government has announced that it has secured $500m (£313m) to build a new railway line. The transport ministe ...
Tuesday, 06 October 09
COAL INDIA AIMS TO BUY MINE ABROAD BY MARCH
*Coal India to issue its first coal import tender by Nov
*ArcelorMittal, 9 others in race to develop abandoned mines
*52 firms keen to partner coa ...
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- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- VISA Power Limited - India
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
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