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Friday, 08 May 09
B.C.'S MINING INDUSTRY HIGH COAL PRICES TO RECORD 2008 PROFITS - PAGUNTAKA
AGGREGATE pre-tax earnings rose to $3.2 billion, the highest amount in the 41-year history of a PricewaterhouseCoppers survey.
B.C.’s mining industry posted record profits in 2008 — primarily on the strength of coal — but 2009 is not shaping up as well, according to a report released Tuesday.
“It was a fantastic year in 2008,” the report’s co-author Michael Cinnamond said in an interview. “But 2009 won’t be as great. At the end of ‘08 and in early ‘09, prices have come off. So, the level of exploration is starting to fall.”
The report by PricewaterhouseCoopers (PwC), called The Mining Industry in British Columbia - 2008, showed that aggregate pre-tax net earnings for the industry rose by 88 per cent to $3.2 billion, the highest amount in the 41-year history of PwC’s annual survey.
According to a news release, returns on shareholders’ investments reached an unprecedented 98 per cent, up from 46 per cent the previous year.
Cinnamond, a partner in PwC’s mining practice, called the performance amidst the economic downturn “nothing short of outstanding.” He said the 2008 results were mainly driven by increased coal prices that were up 225 per cent to $261 US/tonne over the previous year, with coal representing 86 per cent of total product shipments in 2008. “B.C. is very coal-rich.”
However, he said, prices in April were in the $125 US/tonne range, “a significant reduction from prices realized in 2008, but still high compared to historical averages.”
He said coal will still have a strong performance in 2009, “but not as dramatic as ‘08.”
According to the report, copper concentrates were the second largest contributor of mining revenues in 2008, but were down by 29 per cent to $1.19 billion from $1.66 billion the previous year. The 2008 copper price averaged $3.16 US/lb, but dropped to an average of $1.56/lb in the first quarter of 2009, reflecting weak global demand.
As well, zinc and zinc concentrates contributed net mining revenues of $736 million in 2008, down 40 per cent from $1.2 billion in 2007. Rising gold prices led to a 13-per-cent increase in gold revenues to $231 million in 2008, up from $205 million in 2007. Gold prices continued to strengthen in the first quarter of 2009, averaging $908.71/oz. Silver prices also rose in 2008, pushing revenues from silver up by 10 per cent to $272 million over the year before, the release stated.
Total net mining revenue from molybdenum increased nine per cent to $472 million from $433 million in 2007, while the price dropped five per cent to an average of $28.42/lb. Molybdenum, which is used as a strengthening material in the steel industry, saw a significant price decrease in the last quarter of 2008 and prices remain low in the first quarter of 2009.
Erfan Kazemi, a manager in PwC’s B.C. mining practice, and co-author of the report, also said in a statement that the mining industry contributed $6.1 billion in expenditures to the provincial economy.
Cinnamond said the drop in zinc and copper prices since last year is contributing to a mix of uncertainty and cautious optimism in industry. He said PwC polled 33 CEOs of B.C.-based mining companies in April 2009 and learned that 27 per cent are conserving cash, 39 per cent have implemented spending cuts and 12 per cent are just hanging on. He said about 15 per cent of the respondents reported they are actively seeking acquisitions and looking to grow.
Other key findings of the survey included: total metals and coal shipments from B.C. mines increased by eight per cent to 26,840,000 tonnes in 2008; capital expenditures were $853 million in 2008, a decrease from $964 million in 2007; total exploration expenditure in B.C., estimated at $416 million in 2007, decreased to $367 million in 2008; and the mining industry made total payments to the government of $545 million.
Source: http://paguntaka.org/2009/05/07/bcs-mining-industry-high-coal-prices-to-record-2008-profits/
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Wednesday, 13 May 09
COAL SUPPLY MAY BE VASTLY OVERESTIMATED - ABC SCIENCE
The world's coal supply suggests reserves may be vastly overestimated and we could be facing an unprecedented global energy crisis, according to a ...
Wednesday, 13 May 09
INDONESIA ADARO NET PROFIT, REVENUE TO RISE IN 2009 - REUTERS
INDONESIA's largest coal producer by market value, PT Adaro Energy Tbk, expects double-digit growth in revenue and net profit this year, an officia ...
Wednesday, 13 May 09
ALPHA TO BUY RIVAL, CREATING NEW US COAL HEAVYWEIGHT - MININGWEEKLY.COM
Alpha Natural Resources, the biggest supplier of metallurgical coal in the US, has agreed to buy Maryland-based rival Foundation Coal for about $1,4 ...
Tuesday, 12 May 09
CHINA MINERS CUT COAL PRICE OFFER TO JAPAN UTILITIES - ALIBABA.COM
* Producers cut offer to $75.50 a tonne from over $80
* Negotiations may conclude soon as price gap narrows
* New offer at discount of about 43 pe ...
Tuesday, 12 May 09
INDO TAMBANGRAYA SEES 2010 COAL OUTPUT UP 25 PCT - REUTERS
Indonesian coal miner, PT Indo Tambangraya Megah (ITMG.JK), expects coal output to increase by up to 25 percent next year as production kicks in at ...
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- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
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