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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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Thursday, 12 March 09
ANALYSIS-FIRST NEW JAPAN COAL DEAL MAY NOT SET BENCHMARK - FOREXPROS.COM
* Informal coal-deal practice may come to an end this year
* Buyers expected to ask for a discount
* Biggest losers may be Chinese coal suppli ...
Thursday, 12 March 09
DEPARTMENT RECEIVES REPORT FROM GEOLOGICAL BODY AND NEDO - ESDM
The Geological Body of the Department of Energy and Mineral Resources have presented their Joint Study on Evaluation of Coal Resources and Reserves ...
Wednesday, 11 March 09
TENAGA SHARES CLIMB AS LOWER COAL PRICES CUT COSTS - BLOOMBERG
Bloomberg reported that, Tenaga Nasional Bhd., Malaysia’s state-controlled utility, climbed the most in a month in Kuala Lumpur trading as coal ...
Wednesday, 11 March 09
POSCO WINS 63% CUT IN PULVERIZED COAL PRICES, MACQUARIE SAYS - BLOOMBERG
Bloomberg reported that, Posco, Asia’s third-biggest steelmaker, has settled the first pulverized coal contracts for 2009 at $90 a metric ton ...
Wednesday, 11 March 09
COAL EXPORTERS FEEL THE CHILL FROM ASIAN DOWNTURN -BUSINESS.SMH.COM
Business.smh.com reproted that, The demand for thermal coal - NSW's most valuable export - has begun to reduce dramatically in response to the need ...
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- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- The University of Queensland
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- PTC India Limited - India
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- CNBM International Corporation - China
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- MS Steel International - UAE
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
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