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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, 28 January 10
COAL - VIETNAM / TRADE
Vietnam expects to turn into a coal importer within three years, spurred by an industrial boom and rising power consumption, a senior executive with ...
Thursday, 28 January 10
JAPAN STEELMAKERS OPPOSE QUARTERLY COAL CONTRACTS
Japanese steelmakers oppose miner BHP Billiton's attempt to switch to quarterly contracts from annual deals for supplying coal, as the change would ...
Thursday, 28 January 10
BHP MAY SELL 25% STAKE IN INDONESIAN COAL PROJECT
BHP Billiton Ltd. plans to sell only a 25 percent stake in a coal project in Indonesia as it wants to retain control of the asset, said Indra Dianna ...
Thursday, 28 January 10
TRANSNET ASPIRES TO 81MT/Y COAL EXPORT CAPACITY
South African State-owned rail transport enterprise Transnet wants to increase coal-line rail capacity to 81-million tons a year as part of its Quan ...
Wednesday, 27 January 10
ASIA'S 2010 STEAM COAL IMPORTS TO REACH 460 MLN T
* China to import up to 100 mln T of steam coal in 2010
* China, India seen investing in southern Africa assets
Asian imports of steam coal will ...
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- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
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- Makarim & Taira - Indonesia
- London Commodity Brokers - England
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- Vizag Seaport Private Limited - India
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- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
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- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
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- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
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- Vedanta Resources Plc - India
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- SMG Consultants - Indonesia
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- Indian Oil Corporation Limited
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- India Bulls Power Limited - India
- Ministry of Transport, Egypt
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- Directorate General of MIneral and Coal - Indonesia
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- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
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- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Global Business Power Corporation, Philippines
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- MS Steel International - UAE
- Bangladesh Power Developement Board
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- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
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- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- The University of Queensland
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
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- Wood Mackenzie - Singapore
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