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