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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, 02 May 09
COAL PRICES TO RISE ON CHINESE SUPPLY, INDIAN DEMAND, UBS SAYS
Peter Hickson, an analyst with UBS AG in London, comments on prices for thermal coal, burned to generate power. He commented in a report today.
& ...
Friday, 01 May 09
DEUTSCHE, BECKKETT CLAIMING ADARO WIN - THE JAKARTA GLOBE
Both Deutsche Bank AG and Beckkett, an investment firm controlled by Indonesian tycoon Sukanto Tanoto, claimed victory on Tuesday after Singapore&rs ...
Thursday, 30 April 09
SAN MIGUEL IN TALKS TO BUY STAKE IN ADARO - REUTERS
San Miguel Corp is in talks to buy a stake worth about $500 million in Adaro Energy , Indonesia's largest coal producer by market value, the Philip ...
Wednesday, 29 April 09
BAYAN READY TO OPERATE WORLD'S LARGEST COAL QUALITY IMPROVEMENT FACILITY - MAJALAH TAMBANG
PT. Bayan Resources Tbk. (hereinafter referred to as Bayan), an Indonesian coal manufacturer, announced that they are ready to operate the world's ...
Wednesday, 29 April 09
NEW GOV'T REGULATION SHOULD INCORPORATE CONFLICT SETTLEMENT BODY - ICMA (MAJALAH TAMBANG)
A draft government regulation on mineral and coal is currently in a process of completion. The Indonesian Coal Mining Association (ICMA) proposed th ...
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- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Australian Coal Association
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
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