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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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- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Toyota Tsusho Corporation, Japan
- Planning Commission, India
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- Price Waterhouse Coopers - Russia
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- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
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- Bangladesh Power Developement Board
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- Romanian Commodities Exchange
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- Indonesian Coal Mining Association
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- Indogreen Group - Indonesia
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- India Bulls Power Limited - India
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- The Treasury - Australian Government
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- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
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- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
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- Commonwealth Bank - Australia
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- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
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- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
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- Mercator Lines Limited - India
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- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
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- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
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- Indian Oil Corporation Limited
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- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- The University of Queensland
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
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- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
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- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
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- Wilmar Investment Holdings
- Australian Coal Association
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- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
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- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
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- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Indika Energy - Indonesia
- Thai Mozambique Logistica
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- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
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