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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, 09 February 10
EURO COAL-PROMPT SLIDES WITH OIL PRICES
* April S.African cargo trades at $83.50/T FOB, unchanged
* April DES cargo trades at $74.75 a tonne, down $1/T
* Russia's Kuzbassrazrezugol sees ...
Monday, 08 February 10
BLACK RIDGE MINING APPOINTS INDEPENDENT CONSULTANT
Australian-listed Black Ridge Mining has announced the appointment of David Tuit as an independent consultant to assist with the assessment of the c ...
Monday, 08 February 10
SOUTH AFRICAN EXPORT COAL RISES FOR FIRST TIME IN FOUR WEEKS
Prices for coal shipped from South Africa’s Richards Bay, the continent’s biggest export facility for the fuel, posted their first gain ...
Monday, 08 February 10
NTPC HOPES TO START ON 500-MW PROJECT IN SRI LANKA BY FEB-END
NTPC sources told Business Standard, “All formalities from our government and NTPC have been completed.
The opinion of the Sri Lankan atto ...
Sunday, 07 February 10
AN AUSTRALIAN FIRM HAS SIGNED A $60BN DEAL TO SUPPLY COAL TO CHINESE POWER STATIONS
Clive Palmer, chairman of the company, Resourcehouse, said it was Australia's "biggest ever export contract".
Under the deal, the firm ...
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- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Parliament of New Zealand
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
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