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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, 14 September 09
BOOM FORECAST FOR COAL OUTPUT
SMH.com reported that, A COAL investment boom is driving Australian production to new peaks even as our biggest export markets shift towards cleaner ...
Sunday, 13 September 09
COAL INDIA MAY ACQUIRE ASSETS OF RIO TINTO
Coal India’s plan to acquire overseas mining assets is gathering steam. After a breakthrough in Mozambique, the coal behemoth has received&nbs ...
Saturday, 12 September 09
THE INDIA / FAR EAST SEEMS WILL CONTINUE TO BE SOFT UNTIL THE IRON ORE MOVEMENTS PICKS UP - CAPT. REDDY
COALspot.com (Singapore): The dry bulk market continued to be stable at almost as same levels as last week and the BDI was at 2,468 points.
...
Saturday, 12 September 09
GOVT REQUESTS MORE TIME TO ACQUIRE 21% SHARES IN NNT
The Jakarta Post reported that, the government plans to request a postponement for the acquisition of 21 percent shares in PT Newmont Nusa Tenggara ...
Saturday, 12 September 09
INDONESIAN CO KEEN ON TRADING COAL FOR EQUITY IN POWER PROJECTS
Though most large power project promoters have their own mines in Indonesia, MEC is confident of convincing Indian companies as its price is quite a ...
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- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Planning Commission, India
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
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