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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, 06 February 10
FREIGHT WOULD CONTINUE TO BE SOFT NEXT WEEK - VISTAAR SHIPPING
COALspot.com (Singapore): The freight market continued to soften this week including the stock markets. The main reason seems to be Chinese ne ...
Saturday, 06 February 10
COAL MINISTRY SEEKS CUT IN IMPORT DUTY
The coal ministry wants the finance ministry to reduce the 5.1% import duty on thermal coal and continue with the existing zero import duty on cokin ...
Friday, 05 February 10
IN 2010, CHINA COAL OUTPUT TO REACH AROUND 3.3BLN T
It is expected that China's coal production in 2010 will reach around 3.3bln tons. It is predicted that in the first quarter of 2010, the tight coa ...
Thursday, 04 February 10
INDIA REMAINS FIRM - FEARNRESEARCH
CHARTERING - DRY BULK
Handy
The BSI has continued it´s downward movement for 2 weeks now.Nevertheless activity in the atlantic remains bu ...
Thursday, 04 February 10
INFRASTRUCTURE DEVELOPMENT & INFRASTRUCTURE ASIA 2010
ASIA-PACIFIC MINISTERIAL CONFERENCE ON PUBLIC-PRIVATE PARTNERSHIPS FOR INFRASTRUCTURE DEVELOPMENT & INFRASTRUCTURE ASIA 2010
IPFA TO JOIN INF ...
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- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Aditya Birla Group - India
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- VISA Power Limited - India
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- The University of Queensland
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- White Energy Company Limited
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Planning Commission, India
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