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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 $583,9-million.
Source: Mining Weekly
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Monday, 25 January 10
MINING GROUPS MAY SEEK JUDICIAL REVIEW OF 2009 LAW
Indonesia’s mining associations said on Wednesday that they planned to seek a judicial review of the 2009 Mining Law this year if they are una ...
Monday, 25 January 10
INDONESIAN GOVERNMENT TO ISSUE REGULATION FOR IMPLEMENTATION OF MINERAL AND COAL MINING BUSINESS ACTIVITIES LAW NO.4 / 2009 SOON
COALspot.com (Indonesia): The government regulation concerning implementation of mineral and coal mining business activities Law no.4 / 2009 is expe ...
Monday, 25 January 10
DUQM IWPP'S COAL REQUIREMENTS PROJECTED AT 3MT PER YEAR
Oman's first coal-fired Independent Water and Power Project (IWPP) planned at Duqm is envisaged to have a feedstock requirement of around 3 million ...
Monday, 25 January 10
THE FUTURES FOR CAPE, PANAMAX AND SUPRAMAX FOR THREE YEARS (2010 - 2012) WAS AT AROUND US$ 32,000, US$ 20,000 AND US$ 17,000 PER DAY RESPECTIVELY
COALspot.com ( Singapore): The freight market remained flat this week the market slight soft.
BDI INDEX
The BDI was down by 95 points and closed ...
Saturday, 23 January 10
COAL CAMARADERIE
Union coal minister Shriprakash Jaiswal feels Asian countries should join hands in developing minerals, particularly coal.
At the third Asian Min ...
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- ICICI Bank Limited - India
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- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
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- Central Electricity Authority - India
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- Port Waratah Coal Services - Australia
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- Singapore Mercantile Exchange
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- Indian Oil Corporation Limited
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- The State Trading Corporation of India Ltd
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- Merrill Lynch Commodities Europe
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- Heidelberg Cement - Germany
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- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
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- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
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- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
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- Eastern Coal Council - USA
- Commonwealth Bank - Australia
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- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Planning Commission, India
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- Ministry of Finance - Indonesia
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- Ministry of Mines - Canada
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- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
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- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
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- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Bangladesh Power Developement Board
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
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- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Australian Coal Association
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
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- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
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