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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, 06 April 09
RICHARDS BAY COAL TERMINAL EXPORTS ROSE 5 PERCENT IN MARCH - BLOOMBERG
South Africa’s Richards Bay Coal Terminal, the world’s largest coal-export facility, shipped 5 percent more coal in March than the same ...
Monday, 06 April 09
INDIA'S OSWAL CHEM EYES INDONESIAN COAL MINES -ECONOMICTIMES
Oswal Chemicals and Fertilisers (OCFL), part of Abhay Oswal-led Oswal group, has initiated talks with three separate Indonesian coal firms to ...
Thursday, 02 April 09
FOREIGNERS ALSO CHEER FOR INDONESIA'S THE NEW MINING LAW - MAJALA TAMBANG
Three mining giants, Australia's Rio Tinto along with Canada's Barrick Gold and Southern Arc, are among foreign corporations currently applying fo ...
Wednesday, 01 April 09
INDONESIAN GOVERNMENT REVISES MINING REVENUE TARGET DOWN 26% - THE JAKARTA POST
Government income from mining this year, excluding taxes, is expected to drop by about 26 percent to Rp 11 trillion ($957 million), primarily becaus ...
Wednesday, 01 April 09
INDONESIAN OFFICIAL CLAIMS NEW LEGISLATION IS VINDICATED AS OVERSEAS FIRMS LINE UP FOR MINING LICENSES - THE JAKARTA GLOBE
The Energy and Mineral Resources Ministry is expected to issue six mining licenses under the country’s new mining law over the next two months ...
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- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- PTC India Limited - India
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
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