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Thursday, 04 February 10
MASSEY CEO 'NOT EXCITED' ABOUT PROSPECT OF QUARTERLY COAL PRICING
 US coal producer Massey Energy is not in favour of switching to a quarterly pricing schedule for metallurgical coal, from the current annual price benchmark settlement, CEO Don Blankenship said on Wednesday.
The biggest producer of steelmaking coal, BHP Billiton, is reportedly pushing customers to accept a quarterly system.
Blankenship said that, while Massey would likely follow BHP's lead if the diversified mining group is successful in achieving the change, he believes quarterly pricing would make planning increasingly difficult for coal miners.
“We are not excited about it. And customers that we have spoken to are not that excited about it either,” he told analysts and investors on a conference call.
If the industry does move to quarterly settlements, it would be good to at least see a collar placed on the pricing agreements, he said.
| “We are not excited about it. And customers that we have spoken to are not that excited about it either” - CEO Don Blankenship, Massey Energy |
Massey, which has mines in West Virginia, Virginia and Kentucky, has increased its forecast for metallurgical coal shipments in 2010, and now expects to sell between 10-million and 12-million tons, compared with previous guidance of eight- to ten-million tons.
The company is increasingly optimistic about the strength of global metallurgical coal markets, Blankenship said.
Steel producers are increasing their production plan and the coal-miner's order book for 2010 has increased, he said.
To meet firming demand, Massey will ramp up production at seven metallurgical coal mines.
However, Blankenship said he expects domestic demand for thermal coal will remain weak in the short term, although export demand could pick up.
Altogether, the company expects to ship between 37-million and 41-million tons of its own coal, at an average realised price of between $67/t and $70/t.
The firm has some 39,6-million tons of coal committed for sale in 2010, including 33,8-million tons sold and priced at an average price of about $64/t.
For 2011, Massey has forecast produced coal shipments of between 37-million and 44-million tons, at average realised prices of $70 to $76/t.
Blankenship said the company will continue to use surplus cash to increase its reserves in Central Appalachia, as well as for acquisitions elsewhere in the US and internationally.
He did not rule out the possibility of returning money to shareholders through a share buyback, but added that he believes there are better opportunities both internally and acquisitively for using the funds.
Late on Tuesday, Massey reported fourth quarter net income of $24,4-million, compared with $47,4-million a year earlier/
Profit was slightly above analyst expectations, according to Reuters.
Fourth quarter revenue slid 23% to $583,9-million.
Source: Mining Weekly
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Tuesday, 09 February 10
EURO COAL-PROMPT SLIDES WITH OIL PRICES
* April S.African cargo trades at $83.50/T FOB, unchanged
* April DES cargo trades at $74.75 a tonne, down $1/T
* Russia's Kuzbassrazrezugol sees ...
Monday, 08 February 10
BLACK RIDGE MINING APPOINTS INDEPENDENT CONSULTANT
Australian-listed Black Ridge Mining has announced the appointment of David Tuit as an independent consultant to assist with the assessment of the c ...
Monday, 08 February 10
SOUTH AFRICAN EXPORT COAL RISES FOR FIRST TIME IN FOUR WEEKS
Prices for coal shipped from South Africa’s Richards Bay, the continent’s biggest export facility for the fuel, posted their first gain ...
Monday, 08 February 10
NTPC HOPES TO START ON 500-MW PROJECT IN SRI LANKA BY FEB-END
NTPC sources told Business Standard, “All formalities from our government and NTPC have been completed.
The opinion of the Sri Lankan atto ...
Sunday, 07 February 10
AN AUSTRALIAN FIRM HAS SIGNED A $60BN DEAL TO SUPPLY COAL TO CHINESE POWER STATIONS
Clive Palmer, chairman of the company, Resourcehouse, said it was Australia's "biggest ever export contract".
Under the deal, the firm ...
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- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
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- Africa Commodities Group - South Africa
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- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
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- Gujarat Electricity Regulatory Commission - India
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- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
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- Eastern Coal Council - USA
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- Independent Power Producers Association of India
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- Parliament of New Zealand
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- Power Finance Corporation Ltd., India
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- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
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- Malabar Cements Ltd - India
- White Energy Company Limited
- Indian Oil Corporation Limited
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- Medco Energi Mining Internasional
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- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Planning Commission, India
- Trasteel International SA, Italy
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- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
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- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
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- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
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- Commonwealth Bank - Australia
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- Bulk Trading Sa - Switzerland
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- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
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- Standard Chartered Bank - UAE
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- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
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