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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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Thursday, 04 February 10
INDIA`S APPETITE FOR COAL EXPECTED TO RISE SHARPLY
Coal powers more than half of India's electricity plants and demand for the commodity is expected to rise sharply as the third-largest Asian econom ...
Thursday, 04 February 10
COAL PRODUCTION EXPECTED TO REACH 280 MILLION METRIC TONS - INDONESIA UPDATE
Indonesia`s coal production target for 2010 has been set at 275 million to 280 million metric tons, according to the Association of Indonesian Coal ...
Thursday, 04 February 10
BUKIT ASAM GOES SHOPPING FOR MORE COAL MINES
State-owned coal miner PT Tambang Batubara Bukit Asam has set aside Rp 1.5 trillion ($162 million) to acquire two coal mines in East Kalimantan, pre ...
Thursday, 04 February 10
PTT EYES OVERSEAS COAL
Revenue could reachUS$600 million a year
PTT Plc, Thailand's largest energy company, aims to raise the annual revenue from its overseas coal bus ...
Thursday, 04 February 10
RI TO GRADUALLY STOP COAL EXPORTS
Indonesia, which over the past few years has become the world`s third largest coal exporter after Australia and China, is planning to gradually stop ...
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- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Anglo American - United Kingdom
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