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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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Saturday, 06 February 10
FREIGHT WOULD CONTINUE TO BE SOFT NEXT WEEK - VISTAAR SHIPPING
COALspot.com (Singapore): The freight market continued to soften this week including the stock markets. The main reason seems to be Chinese ne ...
Saturday, 06 February 10
COAL MINISTRY SEEKS CUT IN IMPORT DUTY
The coal ministry wants the finance ministry to reduce the 5.1% import duty on thermal coal and continue with the existing zero import duty on cokin ...
Friday, 05 February 10
IN 2010, CHINA COAL OUTPUT TO REACH AROUND 3.3BLN T
It is expected that China's coal production in 2010 will reach around 3.3bln tons. It is predicted that in the first quarter of 2010, the tight coa ...
Thursday, 04 February 10
INDIA REMAINS FIRM - FEARNRESEARCH
CHARTERING - DRY BULK
Handy
The BSI has continued it´s downward movement for 2 weeks now.Nevertheless activity in the atlantic remains bu ...
Thursday, 04 February 10
INFRASTRUCTURE DEVELOPMENT & INFRASTRUCTURE ASIA 2010
ASIA-PACIFIC MINISTERIAL CONFERENCE ON PUBLIC-PRIVATE PARTNERSHIPS FOR INFRASTRUCTURE DEVELOPMENT & INFRASTRUCTURE ASIA 2010
IPFA TO JOIN INF ...
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- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
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- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
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- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
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