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