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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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Saturday, 13 February 10
INDONESIA ISSUES NEW MINING REGULATIONS
Indonesia has issued two new regulations under its mining law to allow firms to start obtaining mining permits, in a move that should increase certa ...
Saturday, 13 February 10
COAL INDIA 2010/11 COAL IMPORTS TO JUMP - EXEC
Coal imports by state-run Coal India Ltd are likely to soar to 6-10 million tonnes in fiscal 2010/11 from an expected 1.5-1.7 million tonnes in the ...
Saturday, 13 February 10
RULES MAY FREE $10B OF MINING PROJECTS IN INDONESIA
The government announced on Friday that it had issued two implementing regulations for the new Mining Law that will clear the way for the developmen ...
Saturday, 13 February 10
INDONESIA OFFERS TAX INCENTIVES FOR RENEWABLE ENERGY
Indonesia is offering tax incentives to develop renewable energy projects, including geothermal energy, to cut dependency on fossil fuels, a decree ...
Friday, 12 February 10
MECHEL EYES 2010 COAL OUTPUT AT 28-29 MLN T
Russian steel and coking coal producer Mechel expects coal output to reach 28-29 million tonnes this year, returning to pre-crisis levels thanks to ...
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- Heidelberg Cement - Germany
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- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
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- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
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- GMR Energy Limited - India
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- Xindia Steels Limited - India
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- Africa Commodities Group - South Africa
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- The State Trading Corporation of India Ltd
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Intertek Mineral Services - Indonesia
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- Orica Australia Pty. Ltd.
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- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
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- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
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- Chamber of Mines of South Africa
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- Makarim & Taira - Indonesia
- Parliament of New Zealand
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- Merrill Lynch Commodities Europe
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- Samtan Co., Ltd - South Korea
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- Minerals Council of Australia
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- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
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- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
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