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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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Monday, 27 April 09
JSW ENERGY SET TO SNAP UP AFRICAN COAL MINE FOR $70 MN - ECONOMIC TIMES
Sajjan Jindal-led JSW Energy is close to acquiring a sub-Saharan African thermal coal mine, which has reserves of more than 200 million ...
Monday, 27 April 09
INDONESIA MINING RULES MAY DETER INVESTORS-OFFICIALS - REUTERS
Indonesia's rules on foreign divestment of mining projects must be revised to address issues such as finding buyers if Southeast Asia's biggest ec ...
Monday, 27 April 09
UNDERGROUND MINING IN FOREST AREAS NOT SO SIMPLE - THE JAKARTA POST
The government's plan to issue a presidential decree allowing mining companies to mine underground in protected forest concession areas has resulte ...
Monday, 27 April 09
COAL PRICES ABOVE FUNDAMENTALS - STUFF.CO.NZ
Coal prices have defied the gravity of fundamental factors, supported by stockpiling prompted by cheaper prompt prices rather than a reflextion of a ...
Sunday, 26 April 09
MITRA HOPES TO SECURE DEALS WITH TWO COAL FIRMS BY JUNE - THE JAKARTA POST
An integrated oil and gas services company, publicly listed PT Mitra Rajasa, is expecting to seal acquisition deals with two coal companies in June, ...
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- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- White Energy Company Limited
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Economic Council, Georgia
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