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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, 18 March 09
MANILA'S NAPOCOR SAYS BIDDING FOR 100,000T COAL FAILS - REUTERS
Top Philippine electricityproducer National Power Corp (Napocor) was unable to secure 100,000 tonnes of local coal for one of its power plantsfollow ...
Wednesday, 18 March 09
INDONESIA'S PLN APPOINTS KPC TO SUPPLY COAL - REUTERS
State electricity firm Perusahaan Listrik Negara (PLN) appointed PT Kaltim Prima Coal to supply 1 million tonnes of coal per annum to Tanjung Jati B ...
Monday, 16 March 09
TATA POWER HAS NO PLAN TO SELL STAKE IN INDONESIA BUMI MINES - BLOOMBERG
Tata Power Co., India’s biggest electricity generator outside state control, said it has “no intention” to sell its stake in two I ...
Monday, 16 March 09
ANTAM SELECTS PARTNERS FOR POMALAA POWER PLANT - THE JAKARTA POST
PT Aneka Tambang Tbk, Indonesia’s second-largest nickel producer, said it intended to develop a $300 million coal-fired plant in Pomalaa, Sout ...
Monday, 16 March 09
ADARO TO BOLSTER SUPPLY CHAIN THROUGH ACQUISITIONS - THE JAKARTA POST
PT Adaro Energy Tbk, Indonesia's second-largest coal producer, plans to acquire a coal barging and transshipment company to improve its supply chai ...
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- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
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