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Wednesday, 30 December 09
BANPU EXPECTS STABLE COAL PRICES

2009 revenue growth will be hard to beat

Banpu Plc, Asean's largest coal miner, expects coal prices to stay firm at about US$80 per tonne in the first half of 2010 and to rise in the latter half as the world economy improves.

"Coal prices have stayed firm with the likelihood to continue until next year," said Chanin Vongkusolkit, chief executive of the SET-listed company. "Indonesia has entered the rainy season, which will make production more difficult, while cold weather in China and Japan will result in higher demand for energy including coal."

Banpu, which has mines in Indonesia and China, says the price outlook for the second half of next year would depend on the global economy, which is expected to improve, but prices could go up again in 2011-12, Mr Chanin said.

Reference coal prices have been around $80 per tonne this month. Banpu's average selling price, meanwhile, was set at $72 this year, the same level as in 2008, while estimates for 2010 remain unclear.

Mr Chanin said Banpu expected slower growth in revenue next year despite an expected 14% rise in coal output to 23 million tonnes from 20.5 million this year and improving prices.

Output next year will rise when Banpu's Gaohe mine in China, with eventual annual capacity of 1.5 million tonnes, starts production in the latter half, lifting Banpu's Chinese output to 3.3 million tonnes from 2.8 million this year.

"Our average selling price will be lower than this year when we quoted prices at reasonably high levels," said Mr Chanin.

"Meanwhile, the heat value of our coal is lower, while the expected appreciation of the baht will make our revenue grow very little in baht terms. Our revenue has grown considerably this year and it would be difficult to beat it next year."

Banpu estimates total turnover of 57 billion baht in 2009, an increase of 14% over last year. In the first nine months, revenue rose 18.7% year-on-year to 40.43 billion baht with net profit of 12.58 billion baht, up 68%. To read more 
Bangkok Post



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