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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, 28 September 09
TATA POWER SCOUTS FOR COAL BLOCKS ABROAD
Business Standard reported that, private power producer Tata Power is scouting for coal mines abroad, including Australia and Mozambique, to meet de ...
Saturday, 26 September 09
THE INDIA / FAR EAST SEEMS WILL BE FIRM NEXT WEEK - VISTAAR
COALspot.com (Singapore): The dry bulk market was soft this week and the BDI dropped by almost 7 pct to 2,183 points. The cape size index dropped by ...
Saturday, 26 September 09
GSECL PLANS TO PROCURE 15 LAKH (1.5 MILLION) MT OF IMPORTED COAL
Business Standard reported that, State-run power generation company, Gujarat State Electricity Corporation Ltd (GSECL) intends to procure 15 lakh (1 ...
Saturday, 26 September 09
SAIL TO SET UP TWO SLAG-BASED CEMENT MANUFACTURING UNITS
Rediff Business reported that, Government-owned Steel Authority of India Ltd, the country's largest steel producer, is looking to set up two greenf ...
Friday, 25 September 09
INDONESIA STOCK EXCHANGE EXAMINES BUMI DEAL WITH CHINESE SOVEREIGN WEALTH FUND
The Jakarta globe reported that, The Indonesia Stock Exchange is looking into the $1.9 billion financing deal between PT Bumi Resources, the country ...
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- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Economic Council, Georgia
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- The University of Queensland
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
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