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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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Sunday, 26 April 09
INDONESIAN GOVT SAYS COAL MINES CAUSE WEEKLONG FLOOD - THE JAKARTA POST
Samarinda administration in East Kalimantan admitted openly Thursday that the weeklong flood that paralyzed the city was caused by unruly management ...
Saturday, 25 April 09
FOREIGN SHARE DIVESTMENT STARTING THE 6TH YEAR OF PRODUCTION - MAJALAH TAMBANG
The government would set a divestment scheme for foreign miners, which would require companies to divest their ownership starting the 6th year of pr ...
Saturday, 25 April 09
INDO TAMBANGRAYA MEGAH ALLOCATED USD 126 MILLION FOR CAPITAL SPENDING - MAJALAH TAMBANG
Somyot Ruchirawat, President Director of PT Indo Tambangraya Megah, Tbk (ITMG), has announced the company's total dividend payment of Rp 1,345 per ...
Saturday, 25 April 09
MINING SECTOR IS STILL ON THE SURPLUS - THE JAKARTA POST
The global financial crisis is apparently also having an impact on the mining sector. People are thinking twice about investing in the mining sector ...
Saturday, 25 April 09
ADARO RUNS CATARACT OPERATION PROGRAM - THE JAKARTA POST
As part of its CSR program, thermal coal producer PT Adaro Indonesia has made cataract operations available to residents of Tandjung district, South ...
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- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Planning Commission, India
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
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