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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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Monday, 05 October 09
SOUTH AFRICAN COAL RISES ON INDIAN BUYING, DOMESTIC DEMAND
Bloomberg reported that, Prices for coal shipped from South Africa’s Richards Bay, site of the world’s largest export terminal for the f ...
Monday, 05 October 09
BANPU EYES INCREASE IN COAL OUTPUT
The Nation reported that, Banpu plans to boost its coal output to 23 million tonnes next year once production begins at the East Block of its Indomi ...
Monday, 05 October 09
COAL TRADING C&O TO INVEST $100 M NEXT YEAR
The Jakarta Post reported that, Coal and Oil (C&0) Group of India plans to invest up to US$100 million in Indonesia next year to acquire coal mi ...
Sunday, 04 October 09
INDONESIAN COAL EXCHANGE FOR PRICE BENCHMARKING IN OFFING
Reuters cited Mr Bob Kamandanu chairman of the Indonesian Coal Producers Association as saying that Indonesia plans to set up a coal exchange to cre ...
Sunday, 04 October 09
GRASIM TO CONSOLIDATE CEMENT BIZ
The Statesman reported that, India's largest cement producer Aditya Birla group today said it would consolidate its cement businesses by merging Gr ...
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- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
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- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
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- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
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- International Coal Ventures Pvt Ltd - India
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
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- White Energy Company Limited
- Economic Council, Georgia
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
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- Metalloyd Limited - United Kingdom
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- Bhoruka Overseas - Indonesia
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- Indonesian Coal Mining Association
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- Indian Oil Corporation Limited
- CNBM International Corporation - China
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- Ministry of Mines - Canada
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- Africa Commodities Group - South Africa
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- The Treasury - Australian Government
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- Maharashtra Electricity Regulatory Commission - India
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- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
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- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
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- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
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- Independent Power Producers Association of India
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- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
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- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
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- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
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- Meralco Power Generation, Philippines
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- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
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- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
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- Directorate Of Revenue Intelligence - India
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- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
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