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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 $583,9-million.
Source: Mining Weekly
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Friday, 22 January 10
ENERGY ADVISORY COUNCIL MULLS - COAL EXPORT BAN
The National Energy Council, which advises the House of Representatives and the president on energy issues, has begun to debate a proposal to ban ex ...
Friday, 22 January 10
MERCATOR EYES MORE COAL MINES IN INDONESIA
India’s second-largest private shipping company Mercator Lines is looking at acquiring more coal mines in Indonesia as part of its strategy&nb ...
Friday, 22 January 10
BHAKTI ENERGI IN TALKS OVER COAL VENTURES IN KALIMANTAN
PT Bhakti Energi Persada, one of Indonesia’s biggest miners of brown coal, revealed on Thursday that it was in talks to form a joint venture w ...
Friday, 22 January 10
SHENHUA ENERGY 09 YIELDED 210MN TONS COMMODITY COAL
China Shenhua Energy Co., Ltd. yielded 210 million tons of commodity coal in 2009, hiking 13.2% year on year, the Chinese energy titan announced tod ...
Friday, 22 January 10
JSW ENERGY TO INVEST RS 4,500 CRORE IN COAL MINES ABROAD
The Sajjan Jindal-promoted JSW Energy is planning an investment of Rs 4,500 crore (US$ 978,260,869) to acquire coal mines abroad and another of Rs 1 ...
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- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- White Energy Company Limited
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
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