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Wednesday, 21 October 09
COAL DEMAND SOARS AS ASIA ECONOMIES REBOUND - PEABODY
 Reuters reported that, Demand for coal to generate electricity and make steel in China and India is expected to grow by 7 percent to 8 percent annually in the next five years, leaving the world "chronically" short of the fuel, the head of U.S. coal miner Peabody Energy Inc said on Tuesday.
He also outlined his company's plans to double exports from Australia to handle Asian demand and to develop its joint venture in Mongolia to produce coal for the Chinese.
The coal shortage, as industrial activity rebounds from last year's economic downturn, is driving up prices and Peabody forecast steam, or thermal, coal selling for $100 per tonne by 2012, up from around $70 today. It also said metallurgical, or coking, coal is already selling for $160 per tonne -- way above this year's benchmark of $129.
"We believe China is short of met (steel-making) coal and demand is shredding supply and pushing prices north," Chief Executive Greg Boyce told Wall Street analysts on a conference call to discuss Peabody's third-quarter earnings.
"India will turn to seaborne markets and in the next five years we see the region with 7 percent to 8 percent growth compounded annually, which is 300 million to 400 million tonnes per year.
"That will leave the world chronically under-supplied," Boyce said.
Peabody President Richard Navarre noted that China had become the company's biggest metallurgical coal customer in just one year, as the country had imported 25 million tonnes so far in 2009, more than 10 times last year's pace.
Through August, China's net imports of thermal coal totaled 38 million tonnes compared with net exports of 7 million tonnes last year, he said.
"Peabody is very well positioned with access to the fastest-growing markets globally, where we see shortages of metallurgical coal and growing strength in the Pacific thermal markets," said Navarre.
He said Peabody's mines in the Powder River Basin of Wyoming and Montana would likely produce the extra coal needed to supply the Pacific market.
Also, Peabody has opened an Asian trading hub in Singapore, established a new business center in Indonesia and plans to further expand international investments, Navarre said.
Asked about plans for Mongolia, where Peabody has a 50 percent interest in a joint venture for Polo Resources'(3PO.L) coal interests, Boyce said: "We believe Mongolia will play a role in supplying the largest coal market in the world, which is China."
On thermal coal, which is burned in power plants, Boyce said global electricity demand was expected to increase.
"The vast number (of new coal-fired plants) are in China and India and we have not seen any slowdown," he said. "They continue to be major drivers of coal demand. They are the ones building most extensively."
India may be as much as 200 million tonnes short of its needs in five years, positioning it as the fastest-growing coal importer, Peabody said.
In its earnings announcement, Peabody said it intends to double exports of Australian metallurgical and thermal coal over the next five years to serve the Asian markets. This year, the company is targeting 2009 sales of around 190 million tons in the United States and 21 million to 23 million tons in Australia.
Source: Reuters
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Friday, 23 October 09
INDIAN GROUP INTERESTED IN MOZAMBICAN COAL
Mining Weekly reported that, India’s leading steelmaker, the Steel Authority of India Limited (Sail), has confirmed that it is seeking to acqu ...
Friday, 23 October 09
AUSTRALIA APPROVES CHINESE TAKEOVER OF FELIX RESOURCES
* Australia give conditional approval to China's Felix deal
* Chinese owner must list the assets on Australian exchange
Reuters reported that, ...
Friday, 23 October 09
IVANHOE TARGETING 20 MILLION TONS OF COAL OUTPUT IN MONGOLIA
Bloomberg reported that, Ivanhoe Mines Ltd., developing a $4 billion copper and gold mine in Mongolia with Rio Tinto Group, is targeting long-term c ...
Friday, 23 October 09
XSTRATA PLANS $1BN AUSTRALIAN COAL PORT
Xstrata Plc, the world's biggest exporter of steam coal, plans to build a new $1 billion coal port in Australia, it said.
The proposed Balaclava ...
Friday, 23 October 09
MEXICO'S CFE SEEKS 6.24 MLN T COAL FOR 2010-12
Reuters reported that, Mexico's state-owned power monopoly plans to award a tender for 6.24 million tonnes of steam coal in December, according to ...
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- Sakthi Sugars Limited - India
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- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
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- Romanian Commodities Exchange
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- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
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- AsiaOL BioFuels Corp., Philippines
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- SN Aboitiz Power Inc, Philippines
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- The State Trading Corporation of India Ltd
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- London Commodity Brokers - England
- Electricity Authority, New Zealand
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- San Jose City I Power Corp, Philippines
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- Commonwealth Bank - Australia
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- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
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- Standard Chartered Bank - UAE
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- Wilmar Investment Holdings
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- Rio Tinto Coal - Australia
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- Timah Investasi Mineral - Indoneisa
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- White Energy Company Limited
- Borneo Indobara - Indonesia
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- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
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- Merrill Lynch Commodities Europe
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- Aditya Birla Group - India
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
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- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
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- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
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- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
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- Ministry of Transport, Egypt
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- Eastern Coal Council - USA
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- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Minerals Council of Australia
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- TeaM Sual Corporation - Philippines
- The University of Queensland
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- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
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- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
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- Bhatia International Limited - India
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- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
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- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
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- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
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- Bangladesh Power Developement Board
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- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
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- Interocean Group of Companies - India
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- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Planning Commission, India
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- SMG Consultants - Indonesia
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- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
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- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Indika Energy - Indonesia
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- Trasteel International SA, Italy
- Economic Council, Georgia
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