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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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Sunday, 08 March 09
AUSTRALIA'S FELIX STUDYING COAL ACQUISITIONS IN INDIA, INDONESIA
Bloomberg reported that, Felix Resources Ltd., an Australian supplier of coal to Korea and Japan, is studying acquisitions of energy coal assets in ...
Saturday, 07 March 09
THERMAL COAL PRICES MAY DROP, STANDARD CHARTERED SAYS
Bloomberg reported that, Coal prices may decline as a slump in demand for the fuel outpaces cuts in production, Standard Chartered Plc said.
Exp ...
Friday, 06 March 09
STRAITS ASIA EYES 3RD MINE
Straitstimes reported that, Mining company Straits Asia Resources is on an expansion trail to more than double its output by 2012.
Amid the econo ...
Friday, 06 March 09
INDONESIA MAY MISS 2009 COAL OUTPUT TARGET-OFFICIAL
Indonesia, the world's top thermal coal exporter, may fail to achieve its coal production target this year as the global economic crisis dents dema ...
Friday, 06 March 09
POWER FIRMS HEAD TO INDONESIA FOR COAL
The Hindu Businessline reported that, The enactment of a new, more liberal, mining legislation in Indonesia is drawing coal-starved Indian power uti ...
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- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
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