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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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Wednesday, 10 February 10
JPMORGAN FORECASTS A 5.7% GROWTH IN SEABORNE IRON ORE SHIPMENTS, 3.8% FOR COAL AND GRAIN THIS YEAR
This year volumes of iron ore transportation by sea may grow to 5.7%, coal and grain up 3.8% over numbers in 2009, Ukrrudprom reports citing analyst ...
Wednesday, 10 February 10
ANGLO AMERICAN TIPS COAL PRICE RISE AFTER RAIN, AUSTRALIAN SAYS
Anglo American Plc expects coking coal contract prices to rise after weeks of heavy rain in Queensland state cut output by as much as 10 million met ...
Wednesday, 10 February 10
KANGAROO RESOURCES COMMENCES MINING AT MAMAHAK COKING COAL PROJECT
International coal producer Kangaroo Resources has kicked off mining at its second Indonesian coal operation, the Mamahak Coking Coal Project in Eas ...
Wednesday, 10 February 10
CHINA DENIES CLIVE PALMER'S COAL DEAL
ONE of China's biggest government-owned companies yesterday repudiated mining billionaire Clive Palmer for overstating what he said was Australia' ...
Tuesday, 09 February 10
INDIANS SAY SEEKING COAL BARGAINS VIA INDEX PRICES
* Indonesian cheaper than S.African - traders
* End-users wait for price falls before tendering
Indian coal traders responsible for the bulk of ...
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- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Australian Coal Association
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- White Energy Company Limited
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Marubeni Corporation - India
- MS Steel International - UAE
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
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