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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, 28 April 09
S'PORE COURT RULES AGAINST DEUTSCHE ON ASSET SALE - REUTERS
Singapore's highest court has ruled that Deutsche Bank (DBKGn.DE) may have to pay unspecified damages to an investment firm as it did not get the b ...
Tuesday, 28 April 09
WORLD THERMAL COAL PRICE EXPECTED TO CRASH - PURCHASING.COM
Macquarie Bank sees 50% drop to $60/ton in 2009
Macquarie Bank today forecast the 2009 average market price for world thermal coal at $60/ton, a ...
Tuesday, 28 April 09
THAI LANNA TO OPEN NEW INDONESIAN MINE BY Q3 - REUTERS
Thailand's Lanna Resources PCL LANN.BK said on Monday it planned to open a new coal mine in Indonesia by the third quarter of 2009 with an initial ...
Tuesday, 28 April 09
SOUTH AFRICAN EXPORT COAL RETREATS ON WEAKER EUROPEAN DEMAND - BLOOMBERG
Prices for coal shipped from South Africa’s Richards Bay, site of the world’s largest export terminal for the fuel, fell for a second co ...
Monday, 27 April 09
INDONESIA S.KALIMANTAN GETS COAL TRUCKS OFF PUBLIC ROADS - REUTERS
A local government in one of Indonesia's top coal-producing areas has banned coal and palm oil firms from using public roads because of the damage ...
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- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Parliament of New Zealand
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- The University of Queensland
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
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