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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, 20 April 09
PT PAMAPERSADA SEES ITS REVENUE TO CLIMB BY 20% IN 2009 - STEELGURU
PT Pamapersada Nusantara, a unit of Indonesia's PT United Tractors, said that its 2009 profit will be similar to last year, even as it forecasts re ...
Monday, 20 April 09
NIPPON STEEL SEMI-SOFT COAL PRICE SAID TO DROP 67% - BLOOMBERG
Nippon Steel Corp., Japan’s largest mill, will pay up to 67 percent less for semi-soft coking coal this fiscal year, two industry executives w ...
Monday, 20 April 09
INTERNATIONAL INVESTORS SEEK TO SELL ADARO STAKES - MONEY.CNN
Some international investors in PT Adaro Energy ( ADRO.JK) have approached other companies to sell around a combined 17% stake in the coal miner via ...
Friday, 17 April 09
BHATIA COAL INDIA, VITOL IN DISPUTE - COAL JUNCTION
Bhatia Coal India, a subsidiary of the Bhatia International Group, terminated a coal supply contract with traders Vitol and has initiated arbitratio ...
Friday, 17 April 09
JSW TO BUY THERMAL COAL MINE IN AFRICA
Sajjan Jindal-led JSW Energy is close to acquiring a sub-Saharan African thermal coal mine, which has reserves of more than 200 million tons, to min ...
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- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- The University of Queensland
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Planning Commission, India
- PTC India Limited - India
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
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