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Thursday, 04 February 10
MASSEY CEO 'NOT EXCITED' ABOUT PROSPECT OF QUARTERLY COAL PRICING
 US coal producer Massey Energy is not in favour of switching to a quarterly pricing schedule for metallurgical coal, from the current annual price benchmark settlement, CEO Don Blankenship said on Wednesday.
The biggest producer of steelmaking coal, BHP Billiton, is reportedly pushing customers to accept a quarterly system.
Blankenship said that, while Massey would likely follow BHP's lead if the diversified mining group is successful in achieving the change, he believes quarterly pricing would make planning increasingly difficult for coal miners.
“We are not excited about it. And customers that we have spoken to are not that excited about it either,” he told analysts and investors on a conference call.
If the industry does move to quarterly settlements, it would be good to at least see a collar placed on the pricing agreements, he said.
| “We are not excited about it. And customers that we have spoken to are not that excited about it either” - CEO Don Blankenship, Massey Energy |
Massey, which has mines in West Virginia, Virginia and Kentucky, has increased its forecast for metallurgical coal shipments in 2010, and now expects to sell between 10-million and 12-million tons, compared with previous guidance of eight- to ten-million tons.
The company is increasingly optimistic about the strength of global metallurgical coal markets, Blankenship said.
Steel producers are increasing their production plan and the coal-miner's order book for 2010 has increased, he said.
To meet firming demand, Massey will ramp up production at seven metallurgical coal mines.
However, Blankenship said he expects domestic demand for thermal coal will remain weak in the short term, although export demand could pick up.
Altogether, the company expects to ship between 37-million and 41-million tons of its own coal, at an average realised price of between $67/t and $70/t.
The firm has some 39,6-million tons of coal committed for sale in 2010, including 33,8-million tons sold and priced at an average price of about $64/t.
For 2011, Massey has forecast produced coal shipments of between 37-million and 44-million tons, at average realised prices of $70 to $76/t.
Blankenship said the company will continue to use surplus cash to increase its reserves in Central Appalachia, as well as for acquisitions elsewhere in the US and internationally.
He did not rule out the possibility of returning money to shareholders through a share buyback, but added that he believes there are better opportunities both internally and acquisitively for using the funds.
Late on Tuesday, Massey reported fourth quarter net income of $24,4-million, compared with $47,4-million a year earlier/
Profit was slightly above analyst expectations, according to Reuters.
Fourth quarter revenue slid 23% to $583,9-million.
Source: Mining Weekly
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Tuesday, 16 February 10
LAW POSES THREAT TO INDONESIA'S COAL INDUSTRY
A zoning law could cost coal miners billions of dollars this year alone, hurt investment in the industry and disrupt the supply of the fuel to the c ...
Tuesday, 16 February 10
KPMG PENS 6-POINT STRATEGY FOR COAL INDIA RESTRUCTURING
Coal India Ltd (CIL) has appointed KPMG Advisory Services Pvt Ltd to advise on consolidating its position as the country’s prime energy provid ...
Monday, 15 February 10
MINING LAW TO BE REVISED
Law No. 4 of 2009 on mineral and coal mining will be revised after a working visit of the Bangka Belitung (Babel) Provincial legislative assembly (D ...
Monday, 15 February 10
EURO COAL PRICES SOFTEN AS CHINESE LUNAR NEW YEAR HOLIDAYS START
Prices of prompt cargoes of coal for delivery into Europe weakened last week on a lack of European demand and market nerves over the possible impact ...
Monday, 15 February 10
INDONESIAN COAL SUFFERS SETBACK AS SUMATRA RAIL LINE HELD UP AGAIN
State-owned coal miner PT Tambang Batubara Bukit Asam’s $1.06 billion rail project in Sumatra faces more delays, and the cost of the project i ...
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- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Parliament of New Zealand
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
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