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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, 16 March 09
COAL MINER BUKIT ASAM RECORDS 135% GAIN IN NET PROFIT FOR 2008 - THE JAKARTA GLOBE
Indonesia's state-owned coal miner PT Tambang Batubara Bukit Asam Tbk said its net profit jumped 135 percent last year, having sold more coal at hi ...
Saturday, 14 March 09
NATIONAL ALUMINIUM TO IMPORT COAL NEXT MONTH TO EASE SHORTAGE - BLOOMBERG
Bloomberg reported that, National Aluminium Co., India’s biggest alumina maker, plans to import as much as 150,000 metric tons of coal next mo ...
Friday, 13 March 09
VIETNAM APPROVES TWO COAL-FIRED POWER PLANTS TO MEET DEMAND -THANHNIENNEWS
Thanhnien News reported that, The government has approved a proposal to build two 2,400-megawatt coal-fired power plants in the provinces of Nam Din ...
Friday, 13 March 09
INDONESIAN STATE-RUN COMPANIES PROFIT MAY FALL 10% THIS YEAR -THANHNIENNEWS
Tanhnien news reported that, Indonesian state-run companies’ profits may fall about 10 percent this year as commodity prices decline, cutting ...
Thursday, 12 March 09
INDONESIA'S CIREBON ELEC IN TALKS ON COAL SUPPLIES - REUTERS
Reuters reported that, Indonesia's PT Cirebon Electric Power, an independent power producer, is in talks with a number of coal suppliers to seek a ...
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- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Australian Coal Association
- Coalindo Energy - Indonesia
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
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