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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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Showing 6026 to 6030 news of total 6871 |
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- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- White Energy Company Limited
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Marubeni Corporation - India
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