Westshore Terminals. Investor UPDATE. October, Denis Horgan Vice President & General manager. Glenn Dudar Production Manager
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1 Westshore Terminals Investor UPDATE October, 2013 Denis Horgan Vice President & General manager Glenn Dudar Production Manager Westshore Terminals
2 Denis F. Horgan, BComm, CA Bachelor of Commerce, University College Dublin, Ireland Became member Institute of Chartered Accountants BC 1981 Joined Westshore as Controller 1988 Appointed Vice President & General Manager Westshore 2004 Vice President & General Manager
3 Forward-looking statements The foregoing statements concerning tonnages, coal prices, exchange rates, loading rates, taxation and variability of distributions, and the expected timing of changes relating to those factors, are forward-looking statements that reflect the current expectations of the Limited Partnership and Westshore with respect to future events and performance. Wherever used, the words may, will, anticipate, intend, expect, plan, believe, and similar expressions identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at which, such performance or results will be achieved. Forward-looking statements are based on information available at the time they are made, assumptions made by management, and management s good faith belief with respect to future events, and are subject to the risks and uncertainties outlined in the Partnership s annual information form that could cause actual performance or results to differ materially from those reflected in the forward-looking statements. All such statements will be impacted by and are subject to the risks set out under Risk Factors in the Limited Partnership s annual information form.
4 Highlights Largest of three terminals on North American West Coast Capacity to increase to 36 million tonnes per year Customer contracts to Port Metro Vancouver lease to 2051
5 How we ve fared Million tonnes
6 Record month in August 2013 performance 3.2 million tonnes 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000, ,000 0 Million tonnes 22.5 million tonnes to end of September January February March April May June July August September
7 Coal mine customers
8 55% 14% Rail carriers 31% cc
9 The coal mix Energy coal shipments more than doubled since 2008 % shipped
10 2002 Japan 2012 Korea Taiwan Europe South America China South Korea still No. 1 Other
11 Top global exporters 2012 Rank Country Total 1 Indonesia 348 million tonnes 2 Australia 316mt 3 Russia 129mt 4 USA 114mt 5 South Africa 77mt 6 Colombia 76mt Canada shipped 37 million tonnes in 2012
12 Top coal importers 2012 (est.) Rank Country Energy Steelmaking TOTAL 1 PR China 218 million tonnes 71mt 289mt 2 Japan 132mt 52mt 184mt 3 India 123mt 37mt 160mt 4 S. Korea 94mt 31mt 125mt 5 Taiwan 56mt 8mt 64mt 6 Germany 36mt 9mt 45mt 7 U.K. 40mt 5mt 45mt -- World Coal Association
13 Supply constraints, boom and bust cycles have characterized coal markets in last decade US$/t Coal market transformed post 2004 $350 $300 Low trade growth Emergence of China and India China slowdown $250 Lack of supply investment Supply constraints Supply surge $200 Volatility in coal prices $150 Mine margin growth $100 $50 $ HCC JFY reference SSCC SHCC ULV PCI Thermal -- Wood Mackenzie Coal Market Service
14 China, India leading the way
15 Global urbanization: China leading Asia Despite China s rapid urbanization over past decade (reaching 52.6% in 2012) it is still lower than USA, Canada and Australia who are above 80%. Currently, China s urbanization rate comparable to Japan s in the 1950s. Previously, China was a drag on Asia s urbanization statistics. Today, it is the driving force with room for further urbanization. Source: United Nations
16 China s steel industry: Moving to the Coast % Xinjiang Total Coastal provinces Coastal Tibet % 65% 60% 55% 45% 40% WISCO Fangchenggang Project 1 st phase of 9.2Mt crude steel approved but not commenced yet. 200Kt bulk cargo discharging port will complete in Bao Steel Zhanjiang Project 1 st phase with capacity of 10Mt crude steel. #1BF started construction in May 2013 and to be completed by the end of #2BF to start construction in June 2014 and complete in Sept Qinghai Qinghai Inner Mongolia Ningxia Gansu Sichuan Sichuan Yunnan Guizhou Shaanxi Guangxi Shanxi Henan Guandong Beijing Hebei Shandong Laioning Jiangsu Hubei Anhui Zhejiang Jiangxi Hunan Fujian Heilongjiang Jilin An Steel Baiyunquan Project Planned 13Mtpa steel capacity. Phase 1 (6.5Mt) finished in Phase 2 planned. Capital Steel Caofeidian Project Planned 20Mtpa steel capacity. Phase 1 (10Mt) completed in 2010 and Phase 2 under preparation. Shandong Steel Rizhao Project Planned 21.35Mt crude steel. Phase 1 (8.5Mt) approved in Feb Ningde Steel Base In proposal. Sources: NBS, CISA Relocating 16 to China s coastline improves access to seaborne raw materials
17 India s hot metal production An emerging powerhouse Hot metal production in India is expected to grow by from 46Mt to 123Mt between 2013 and 2030 India overtook South Korea as the third largest importer of seaborne metallurgical coal in 2011 Seaborne imports are expected to increase from 35Mt to 86Mt between 2013 and 2030 India s Hot Metal Capacity Projects and Operations 17 Sources: WSA, Wood Mackenzie
18 Global coal outlook Canadian steelmaking and energy coal exports expected to increase Canada has high quality and well-known steelmaking coal brands Reliable alternative supplier Further foreign investment likely as Canadian Govt. seen as reliable partner West Coast port capacities will grow -- sources Wood Mackenzie & Tex Report
19 Million tonnes Canadian thermal and metallurgical coal exports expected to increase Canadian coal exports (Mt) Steel makers in mature Asian countries have strong dependency on premium coking coals, making Canada a logical supplier Though it has been delayed, Coalspur s new Vista mine will facilitate increased thermal coal exports Therm Met
20 Revenues Year $ million (YTD June) 136.2
21 Profit from operating activities Year $ million (YTD June) 73.2
22 Average revenue Year $ per tonne (YTD June) 9.27
23 Glenn Dudar Production Manager Bachelor Applied Science (Electrical Engineering) UBC 1995 Electrical Engineer at Placer Dome Canada Production Manager at Sifto Salt, Goderich ON., for 8 years Joined Westshore as an Operations Superintendent, 2005 Promoted to Production Manager June, 2013
24 6th December, 2012
25 7 th December, 2012
26 The morning after asegwsngb Over 100 metres of causeway, trestle, power, water and conveyor ripped out by an errant dry bulk vessel around 1 a.m.
27 Two months later New rollers lighter and more efficient
28 First ship fgn Back in service two months to the day rebuild beat even the best estimates of our insurers insurers
29 Fully operational Insurance claim $49 million
30 Site shutdowns Two major shutdowns in 2012 March-April transfer chute installation over 16 days/more than half the site idle for first time ever
31 Successful six-week shutdown from October 1: - Replaced single dumper with new twin set; added exit and entry train positioners - Installed new chutes in three older stacker-reclaimers Second shutdown
32 Environmental action $8.5 million dust suppression upgrade completed in June
33 Environmental upgrade 94 new Nelson Big Guns replace old Rainbird ground-level sprays Added nine more Big Bertha water towers
34 Environmental upgrade MAMUs now out in community MOOG surveillance of coal train dusting underway
35 Enhanced treatment Treated water will be used again in ground level sprays
36 Enhanced treatment New $5.5 million water recycling system
37 Sharing our message Being proactive in the community
38 Our future capacity Further major capacity increase not economic looking at optimizing existing site
39 Reinvesting in the future $230 million rejuvenation over 4 years
40 Project begins in 2014 Office relocation Replacement of three aging stacker-reclaimers Replacement of shiploader on Berth 1 Other conveyor improvements
41 Relocation of major shops, warehouse & offices 2014
42 Competitive environment Up to six U.S. West Coast coal export terminals proposed only 2 or 3 left
43 Westshore Terminals
44 Thank you Westshore Terminals
45 Appendix Coal s other challenge Investment in clean coal technologies CCT & CCS 25% climate change answer Global investment necessary to combat climate change CCS seriously underfunded
46 Coal s other challenge - to be appreciated The 21 st Century built on coal Coal generates 41% of world s electricity Coal is used in production of 68% of world s steel Coal is poverty alleviation s greatest hope
47 Investments in clean coal technologies Supercritical and ultra supercritical power plants in operation or under construction
48 CCT & CCS provide 25% of climate change answer Contribution of different technologies to reductions in CO2 emissions of the power sector Source: IEA Energy Technology Perspectives 2010 In the power sector about 25% of the answer to climate change lies in coal. Effective climate policies should not dismiss this potential.
49 Global investments necessary to effectively combat climate change
50 but in comparison to other low-carbon technologies CCS is seriously underfunded Public funding support commitments to CCS demonstration Public funding on low carbon Nuclear: $45 billion annually Renewables: $27 billion annually CCS: $12.2 billion since 2005
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