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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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- Ceylon Electricity Board - Sri Lanka
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- International Coal Ventures Pvt Ltd - India
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- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
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- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
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- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
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- Mintek Dendrill Indonesia
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- Coalindo Energy - Indonesia
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- MS Steel International - UAE
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- Baramulti Group, Indonesia
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- Mercuria Energy - Indonesia
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- The Treasury - Australian Government
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- Commonwealth Bank - Australia
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- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
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- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
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- Australian Coal Association
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- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
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- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
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- Petron Corporation, Philippines
- Xindia Steels Limited - India
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- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
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- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Planning Commission, India
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
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