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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
NO AMDAL, NO COAL MINING IN KALIMANTAN: MINISTRY
To prevent further environmental damage, the government has said it would revoke the licenses of mining firms operating in Kalimantan that do not ha ...
Thursday, 04 February 10
ANTICIPATING DOMESTIC COAL DEMAND
Indonesia has an abundant amount of coal reserves, which in 2008 is estimated at 7,12 billion tones. Coal production in 2008 reached 231,18 mi ...
Wednesday, 03 February 10
CHINA'S MAIN COAL PRICES FALL AS WINTER DEMAND EASES
Weekly coal prices at China's Qinhuangdao port, a benchmark in the world's biggest producer and consumer of the fuel, fell for the first time in s ...
Wednesday, 03 February 10
NEWCASTLE COAL EXPORTS RISE 3%; SHIP QUEUE SHORTENS
Coal shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel, increased 3 percent last week while the ...
Wednesday, 03 February 10
INDONESIA BUKIT ASAM SEES DOUBLE DIGIT 2010 REV GROWTH
* 2009 net profit rose an estimated 50 pct
* Sees opportunities for overseas acquisitions
Indonesian state-owned coal miner Bukit Asam saw 2009 ...
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- Planning Commission, India
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
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