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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, 25 March 09
MINISTER ASKS ROYALTIES BE PAID IN COAL, NOT CURRENCY - THE JAKARTA POST
Coal companies could pay their royalties to the government in coal, rather than in rupiah, under a proposal made by Energy and Mineral Resources Min ...
Wednesday, 25 March 09
INDONESIA'S STATE ELECTRICITY COMPANY DEMAND FOR COAL TO SOAR NEXT YEAR AS POWER OUTPUT RISES - THE JAKARTA POST
State electricity company PT PLN will need more coal next year as it seeks to generate more power through new plants operated by its subsidiary PT I ...
Tuesday, 24 March 09
INDONESIA'S KPC AGREES FIRST MAJOR CHINA COAL DEAL - REUTERS
Indonesian miner PT Kaltim Prima Coal last week agreed its first major long-term deal to sell thermal coal to China, with 1 million tonnes to be shi ...
Tuesday, 24 March 09
INDONESIA ANTAM'S SETS ASIDE $37 MLN FOR COAL MINES - REUTERS
Indonesian state-owned miner, PT Aneka Tambang Tbk, has allocated $37 million for acquiring coal mines, the company said on Monday.
Antam said la ...
Monday, 23 March 09
NIPPON STEEL, BMA AGREE TO 57 PCT CUT IN COAL PRICE - REUTERS
Nippon Steel Corp has agreed with Australia's BHP Billiton Mitsubishi Alliance (BMA) to pay $128 to $129 per tonne for coking coal in the year from ...
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- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- The University of Queensland
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
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