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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, 23 March 09
STRAITS TO SELL STAKE IN COAL ASSETS TO PTT -THEAUSTRALIAN.NEWS.COM
STRAITS Resources will sell a 60 per cent stake in its Indonesian coal assets to Thailand's PTT International Co. for $US335 million.
The transa ...
Monday, 23 March 09
BMA TAKES 60 PCT CUT IN JAPAN COKING COAL PRICE-CITI - REUTERS
BHP Billiton Mitsubishi Alliance (BMA), the world's top coking coal exporter, has agreed to accept a discount of around 60 percent for the steel-ma ...
Sunday, 22 March 09
SHENHUA ENERGY'S 2009 COAL PRODUCTION MAY GAIN 8% - BLOOMBERG
China Shenhua Energy Co., the nation’s biggest coal producer, may increase production of the energy fuel by about 8 percent this year, slower ...
Friday, 20 March 09
INDONESIA ORDERS TEMPORARY HALT AT BAYAN COAL MINE - REUTERS
Indonesia has ordered a coal mining unit of PT Bayan Resources to temporarily stop production for operating outside approved areas, a government off ...
Friday, 20 March 09
COKING-COAL PRICE STRUCK AT $115-$125, CITIGROUP SAYS - BLOOMBERG
BHP Billiton Ltd., the world’s largest miner, agreed with Nippon Steel Corp. to benchmark coking coal prices of $115 to $125 a metric ton, Cit ...
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- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- The University of Queensland
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Planning Commission, India
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
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