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