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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, 13 April 09
INDIA'S NTPC FOURTH-QUARTER PROFIT RISES 30% ON POWER OUTPUT - BLOOMBERG
NTPC Ltd., India’s biggest electricity generator, said profit rose 30 percent in the fourth quarter after higher efficiency helped production. ...
Thursday, 09 April 09
INDONESIAN CILACAP, FISHERMEN PROTEST COAL BARGES ANCHORING IN BAY - THE JAKARTA POST
Fishermen in Cilacap, Central Java, have protested against the presence of dozens of coal barges lying at anchor in Teluk Penyu Bay, claiming they a ...
Thursday, 09 April 09
INDONESIA'S PLN (STATE ELECTRICITY COMPANY) TO SET POWER PURCHASE PRICES FOR INDEPENDENT PRODUCERS - THE JAKARTA POST
State power company PT PLN holds the mandate to set power purchase prices to buy electricity produced by its (IPP) business partners, aiming at flex ...
Wednesday, 08 April 09
ARCELORMITTAL BUYS STAKE IN COAL OF AFRICA - MINEWEB
Steel maker, ArcelorMittal SA, has acquired a 16.3 percent stake in Coal of Africa Ltd. for $44.98 million in cash.
ArcelorMittal SA, the South A ...
Wednesday, 08 April 09
EXPORTS AT AUSTRALIA NEWCASTLE COAL PORT FALL ON STORM -MINING-JOURNAL
Coal exports from Australia's Newcastle port, the world's largest coal export terminal, fell roughly 18% last week to a 4½-month low, as ro ...
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- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- SMC Global Power, Philippines
- PTC India Limited - India
- Borneo Indobara - Indonesia
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
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