Teck Resources announced Canadian coking coal production guidance for 2010. The company now expects to produce 23.5 to 25 million metric tons in 2010 and is actively planning for further production increases in 2011 and 2012. “Our coal team is focused on near term expansion opportunities in light of the tight market that we expect for high quality hard coking coal,” said Don Lindsay, president and CEO, Teck. “We are fortunate to be able to add production with relatively small incremental capital.” While capital budgets are still under review, Teck expects its overall capital spending for all businesses in 2010 to be in line with total capital spending in 2009.
HMS Signs Contract with Indonesian Coal Producer
HMS Bergbau AG has signed an exclusive contract with a coal producer based in Indonesia. The long-term contract secures the supply of a considerable annual trading amount of steam coal to HMS Bergbau AG.
“We have taken another step toward securing large-scale supplies of high-grade coal resources. Increasingly stringent environmental regulations are making this factor progressively more significant,” said Heinz Schernikau, CEO, HMS Bergbau. “We continue to see considerable growth potential in Indonesia. Our subsidiary HMS Indonesia is therefore planning to attain own concessions to secure long-term coal resources.”
During 2010, HMS Bergbau AG will continue its strategic objective to evolve from a sole coal trading company into a group which encompasses all vertical stages in the supply chain, Schernikau explained.