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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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Thursday, 04 February 10
INDIA`S APPETITE FOR COAL EXPECTED TO RISE SHARPLY
Coal powers more than half of India's electricity plants and demand for the commodity is expected to rise sharply as the third-largest Asian econom ...
Thursday, 04 February 10
COAL PRODUCTION EXPECTED TO REACH 280 MILLION METRIC TONS - INDONESIA UPDATE
Indonesia`s coal production target for 2010 has been set at 275 million to 280 million metric tons, according to the Association of Indonesian Coal ...
Thursday, 04 February 10
BUKIT ASAM GOES SHOPPING FOR MORE COAL MINES
State-owned coal miner PT Tambang Batubara Bukit Asam has set aside Rp 1.5 trillion ($162 million) to acquire two coal mines in East Kalimantan, pre ...
Thursday, 04 February 10
PTT EYES OVERSEAS COAL
Revenue could reachUS$600 million a year
PTT Plc, Thailand's largest energy company, aims to raise the annual revenue from its overseas coal bus ...
Thursday, 04 February 10
RI TO GRADUALLY STOP COAL EXPORTS
Indonesia, which over the past few years has become the world`s third largest coal exporter after Australia and China, is planning to gradually stop ...
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- Thai Mozambique Logistica
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- The University of Queensland
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- PTC India Limited - India
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
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- Global Green Power PLC Corporation, Philippines
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