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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, 21 April 09
INDONESIAN GOVT TO ALLOW UNDERGROUND MINING IN PROTECTED FORESTS - THE JAKARTA POST
The government will issue a regulation allowing mining companies to carry out underground mining in protected forests.
"This regulation will ...
Tuesday, 21 April 09
INDONESIAN GOVT LIKELY TO MISS INVESTMENT TARGETS FOR ENERGY, MINING - THE JAKARTA POST
The total value of investments in energy and mining sectors by the end of the year is likely to be below the government’s target, as a result of ...
Monday, 20 April 09
INDONESIAN COAL MINING ASSOCIATION CALLED TO CONTROL MINERS - MAJALA TAMBANG
The Indonesian Coal Mining Association (ICMA) is called to expand its membership further in view of controlling the conduct of miners in the nationa ...
Monday, 20 April 09
BANPU PLANS TO SHIP 2 MLN T COAL TO CHINA IN 09 - REUTERS
Banpu, Thailand's largest coal miner, plans to increase coal shipments to China by about 30 percent to 2 million tonnes in 2009, company officials ...
Monday, 20 April 09
INDO TAMBANGRAYA 2009 OUTPUT TO GO UP 16% - THE JAKARTA POST
Indonesia's third largest coal producer, publicly listed PT Indo Tambangraya Megah (ITM), is targeting to raise production by 16 percent this year ...
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- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Minerals Council of Australia
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- The University of Queensland
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
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