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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, 30 September 09
COKING COAL PRICES MAY TOUCH $200/TN IN 2010-11
Business Standard reported that, Driven by surge in imports of coking coal by China, growth in Japanese steel output and signs of recovery in the In ...
Wednesday, 30 September 09
PURNOMO BIDS 'GOODBYE' TO ENERGY MINISTRY
The Jakarta globe reported that, In what could be construed as a resignation speech from a government official — but perhaps wasn’t &mda ...
Tuesday, 29 September 09
MINING AND ENERGY DAY 2009
The Minister of Energy and Mineral Resources, Purnomo Yusgiantoro led the ceremony marking 2009 Mining and Energy Day celebrations, held at the Depa ...
Tuesday, 29 September 09
BUKIT ASAM REDUCES ITS SALES TARGET
Tempo Interactive reported that, PT Tambang Batubara Bukit Asam Tbk has decided to reduce its sales target this year from 14.5 million tons of coal ...
Monday, 28 September 09
INDONESIA UNLIKELY TO PASS NEW MINING RULES IN 2009
Reuters reported that, Indonesia is unlikely to complete final regulations attached to a new mining and coal law this year, an official said on Mond ...
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- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- White Energy Company Limited
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Australian Coal Association
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
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