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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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Saturday, 09 May 09
CHINA PLANS TO BUILD COAL STOCKPILE BASES IN SHANDONG - BLOOMBERG
China, the world’s largest coal producer and consumer, plans to build stockpiles of the fuel in the eastern province of Shandong to ensure sup ...
Friday, 08 May 09
INDONESIAN STATE AUDIT BOARD COULD ONLY REACHED A SMALL NUMBER OF KP AND PKP2B - MAJALAHTAMBANG
THE LACK of personnel and the very limited time period have been the reasons why the 2nd semester of the special purpose audit for coal mining ...
Thursday, 07 May 09
ASIA COAL-PRICES EASE TO NEAR $63 ON DEMAND CONCERNS - REUTERS
AUSTRALIAN thermal coal prices, a benchmark for Asia, edged lower to around $63 a tonne on concerns over demand, after hitting a two-week high of $6 ...
Thursday, 07 May 09
RICHARDS BAY COAL SHIPMENTS FALL MOST IN 9 MONTHS - BLOOMBERG
RICHARDS BAY Coal Terminal Ltd., Africa’s largest coal-export facility, said shipments fell 24 percent last month, the biggest drop in nine mo ...
Tuesday, 05 May 09
NEWCASTLE PORT'S WEEKLY COAL EXPORTS INCREASE - BLOOMBERG
COAL shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel, rose 18 percent last week while the numb ...
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- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
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