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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, 16 September 09
NAPOCOR GETS 3 OFFERS IN COAL TENDER
ABS-CBN news reported that, The Philippines' state-run National Power Corp. (Napocor) said on Wednesday it received offers from 3 Indonesian firms ...
Wednesday, 16 September 09
S.KOREA KOSEP BUYS 1.06 MLN T COAL-SOURCE
* 6,080 kcal/kg at $63-65, 4,900-5,350 kcal/kg at $56-58
* Initially about 5 mln T offered for tender
Reuters reported that, Korea South ...
Tuesday, 15 September 09
CHINA COAL EXPORT ROSE M-O-M FOR THE STRAIGHT 3 MONTHS
Alibaba reported that, In the January-August period, China coal exports slid by 55.9% to 14.83mln tons month on month. In August, China exported 1.9 ...
Monday, 14 September 09
CIL MAY REDUCE FLOOR PRICE OF E-AUCTION COAL
After receiving a lukewarm response to the forward e-auction started in two of its subsidiaries, Coal India Limited (CIL) is mulling to reduce the f ...
Monday, 14 September 09
INDONESIAN GOVT UPBEAT ABOUT $1.5B, 185-KM COAL RAILWAY PROJECT
In addition to a 30-year concession right, the government will also award a competitive pricing scheme as an incentive to lure investors in a US$1.5 ...
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- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- The University of Queensland
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
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