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