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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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Friday, 25 September 09
FREIGHT RATE CUTS MAKING SOUTH AFRICAN COAL MORE COMPETITIVE IN ASIAN MARKETS
Mining Weekly reported that, Coaltrans South Africa MD Gerard Strahan highlighted the country’s sudden increase in coal exports to southern Ch ...
Friday, 25 September 09
XSTRATA TO BUILD ITS OWN RAIL CAPACITY TO SHIP AUSTRALIAN COAL
Bloomberg reported that, Xstrata Plc, the world’s largest exporter of coal used by power stations, will establish its own rail haulage capacit ...
Thursday, 24 September 09
INDIA CEMENT CO'S TO AWARD 200,000T COAL TENDER
Reuters reported that, India's biggest cement maker ACC Cement Ltd and Gujarat Ambuja will award on Thursday Sept 25 a tender for 100,000 tonnes ea ...
Thursday, 24 September 09
YUDEAN TO SIGN CO-OPERATION LETTER OF INTENT WITH RUSSIA COAL TRADE COMPANY
In the recent days, Gao Shiqiang, deputy manager of Yudean Group Co., Ltd. went and carried out the friendly talks with SUEK and inked the trade co- ...
Thursday, 24 September 09
ANGLO EYES DOUBLED METALLURGICAL COAL OUTPUT BY 2018
Mining group Anglo American could double its production of coal used for steel making by 2018 if all of its unapproved projects went ahead, the comp ...
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- Africa Commodities Group - South Africa
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- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
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- Jaiprakash Power Ventures ltd
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- Tamil Nadu electricity Board
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- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Ministry of Transport, Egypt
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- Bulk Trading Sa - Switzerland
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- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
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- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
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- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
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- Indonesian Coal Mining Association
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- Singapore Mercantile Exchange
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- Goldman Sachs - Singapore
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- Interocean Group of Companies - India
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Economic Council, Georgia
- MS Steel International - UAE
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
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- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
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- Attock Cement Pakistan Limited
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- VISA Power Limited - India
- New Zealand Coal & Carbon
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- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
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- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
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- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
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- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Global Coal Blending Company Limited - Australia
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- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
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- Power Finance Corporation Ltd., India
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- OPG Power Generation Pvt Ltd - India
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- Ministry of Finance - Indonesia
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- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
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- ICICI Bank Limited - India
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- Bangladesh Power Developement Board
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- Georgia Ports Authority, United States
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- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Marubeni Corporation - India
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
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- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
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