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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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Saturday, 30 January 10
THE ECI / CHINA (S7) ROUTE SOFTENED BY $ 5,736 AND CLOSED AT $ 27,360 PER DAY - VISTAAR SHIPPING
COALspot.com (Singapore): The freight market continued to soften this week probably in anticipation of Chinese New year holidays.
BDI INDEX
...
Saturday, 30 January 10
INDONESIA TO CONSTRUCT 93 POWER PLANTS IN 2ND PROJECT
The government has announced its list of 93 power plants to be built under the second 10,000-megawatt (MW) power generation scheme.
"With th ...
Saturday, 30 January 10
COAL FIRMS TO KEEP NATION IN THE BLACK
Some Indonesian coal mining companies on Friday pledged to allocate a greater share of their production this year to meet domestic market obligation ...
Friday, 29 January 10
INDIA STEAM COAL IMPORTS TO DOUBLE, BOOST SOUTH AFRICA
* SAfrica seen shipping 75 pct of its coal to Asia in 2010
* Logistics woes hamper SAfrica exports, India imports
India's steam coal imports ar ...
Thursday, 28 January 10
THE IRON ORE EXPORTS FROM INDIA TO CHINA ARE DOWN AND THE RATES DROPPED
HANDY
The BSI has continued its downward trend confirming the softening of the Atlantic since the previous week and reflecting a correction of the ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
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- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Romanian Commodities Exchange
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- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
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- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
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- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- The Treasury - Australian Government
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Planning Commission, India
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
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