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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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Wednesday, 03 February 10
RECOVERY IN INDONESIAN MINING SECTOR EXPECTED TO BOOST SALES, UNITED TRACTORS SAYS
PT United Tractors, the country’s biggest supplier of heavy equipment, said on Tuesday that it expected sales to increase 15 percent this year ...
Tuesday, 02 February 10
THAI BANPU SAYS HIGHER COSTS TO HIT COAL PROFITS
Thailand's top coal miner, expects profits from its coal business in 2010 to be lower than last year due to higher costs, but its chief executive i ...
Monday, 01 February 10
CIL PLANS TO INVEST IN OVERSEAS COAL MINES
Over the next 10 years, CIL expects to import from these mines at least 500 million tonnes of thermal coal, a variety used by power plants
The bo ...
Sunday, 31 January 10
AUSTRALIA NEWCASTLE THERMAL COAL FALLS 0.7 PERCENT TO $ 98.53
Power-station coal prices at Australia’s Newcastle port, a benchmark for Asia, declined 0.7 percent, falling for the first time in four weeks. ...
Sunday, 31 January 10
NTPC TO IMPORT COAL
NTPC Ltd plans to import coal directly, starting next fiscal.
“We plan to import 15-16 million tonnes of coal directly from next year,&rdqu ...
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- Bulk Trading Sa - Switzerland
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- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
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- Alfred C Toepfer International GmbH - Germany
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- IHS Mccloskey Coal Group - USA
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- Romanian Commodities Exchange
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- LBH Netherlands Bv - Netherlands
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- Port Waratah Coal Services - Australia
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- Baramulti Group, Indonesia
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
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- Wilmar Investment Holdings
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- Deloitte Consulting - India
- Chamber of Mines of South Africa
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- Wood Mackenzie - Singapore
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- Indian Energy Exchange, India
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- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- PTC India Limited - India
- Australian Coal Association
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- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
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- Edison Trading Spa - Italy
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- Siam City Cement PLC, Thailand
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- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
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- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
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- Billiton Holdings Pty Ltd - Australia
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- Eastern Coal Council - USA
- Parliament of New Zealand
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- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Bangladesh Power Developement Board
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- Leighton Contractors Pty Ltd - Australia
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- London Commodity Brokers - England
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- Economic Council, Georgia
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- Bayan Resources Tbk. - Indonesia
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- Holcim Trading Pte Ltd - Singapore
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