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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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Wednesday, 01 April 09
COAL FIRMS' PROFITS NOT EXPECTED TO GROW IN '09 - - THE JAKARTA POST (ANALYSTS)
Despite their windfall profits in 2008, analysts doubt that PT Bumi Resources Tbk or any other coal firms will post profit growth this year, with pr ...
Tuesday, 31 March 09
DEUTSCHE BANK TO ADD COAL, GAS, SHIPPING IN COMMODITY EXPANSION - BLOOMBERG
Deutsche Bank AG, after quadrupling revenue from commodities in two years, plans to add coal, European natural-gas and shipping to its business, ant ...
Monday, 30 March 09
CHINA SHENHUA SAYS AGREES DOMESTIC COAL DEALS - REUTERS
Chinese coal mining giant China Shenhua Energy Co has agreed long-term contracts with some Chinese power producers, its President Ling Wen said on M ...
Sunday, 29 March 09
SHENHUA ENERGY 2008 NET RISES 29% TO RECORD ON PRICES - BLOOMBERG
China Shenhua Energy Co Ltd., the nation’s biggest coal producer, said profit rose 29 percent to a record in 2008 after it increased productio ...
Friday, 27 March 09
SOUTH AFRICAN COAL EXPORTS EXPECTED TO RISE IN 2009, BUT RAIL WILL DETERMINE BY HOW MUCH - MININGWEEKLY
South Africa has an expanding coal-export terminal, but an uncertain rail capacity.
The mismatch is something South Africa cannot afford, given i ...
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- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Australian Coal Association
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
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