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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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Tuesday, 05 May 09
INDONESIA'S ADARO PAYS $78.6 MLN FOR COAL-BARGING FIRM - REUTERS
INDONESIA's largest coal producer by market value, PT Adaro Energy Tbk, said late on Monday it paid $78.6 million for a 74 percent stake in Orchard ...
Tuesday, 05 May 09
PHILIPPINES SEMIRARA STILL EXPECTS HIKE IN COAL SALES - BUSINESS MIRROR
DESPITE the anticipated soft demand resulting from the prevailing global financial crisis, the country’s largest coal producer Semirara Mining ...
Monday, 04 May 09
VISTAAR SINGAPORE SAYS, THIS MONTH DRY BULK FREIGHT LIKELY TO COME DOWN
COALspot.com (Singapore) - VISTAAR shipping Services Pte Limited of Singapore, said, the beginning of last week started with bit of weakness an ...
Monday, 04 May 09
PNOC-EC TO GROW COAL OPERATIONS - PHILIPPINE DAILY INQUIRER
LISTED firm Philippine National Oil Co.-Exploration Corp. plans to expand its operations this year to ensure the steady supply of coal and fur ...
Saturday, 02 May 09
BUMI'S FIRST-QUARTER PROFIT RISES 21% ON COAL PRICE - BLOOMBERG
PT BUMI RESOURCES, Asia’s biggest exporter of power-station coal, said first-quarter profit rose 21 percent after it earned higher prices for ...
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- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
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