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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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Friday, 06 March 09
CHURCHILL STARTS REVERSE DRILLING AT INDONESIAN COAL PROJECT
Miningweekly reported that, Aim-listed minerals explorer Churchill Mining on Thursday stated that reverse drilling at its East Kutai coal project (E ...
Thursday, 05 March 09
UAE FUND PLANS INDONESIA COAL RAIL LINK
News.alibaba reported that, A United Arab Emirates' fund signed a memorandum of understanding on Monday (2 March 2009) with an Indonesian prov ...
Thursday, 05 March 09
CHINA COAL-PRICES LITTLE CHANGED DESPITE PLUNGE ABROAD
China's spot coal prices were little changed from a week earlier, despite the sharp fall in the international market, and demand for coal remains s ...
Thursday, 05 March 09
RAK TO BUILD COAL FIRED POWER STATION
The National Ras al Khaimah, which is developing a coal mine in Indonesia, will build a coal-fired power plant in the emirate in the next two years ...
Wednesday, 04 March 09
COAL: GLOBAL DEMAND WEAKENS
The Jakarta Post reported that, While coal prices were stickier on the way down compared to other commodities like oil, the Newcastle price now sugg ...
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- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
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