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