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Wednesday, 10 February 10
CHINA DENIES CLIVE PALMER'S COAL DEAL
 ONE of China's biggest government-owned companies yesterday repudiated mining billionaire Clive Palmer for overstating what he said was Australia's biggest export "contract" to supply coal to China from a new Queensland mine.
China Power International Holding's senior vice-president instead described the agreement as a "framework agreement", forcing Mr Palmer into desperate damage control as he flew back to Australia from China.
Mr Palmer and Queensland Premier Anna Bligh on the weekend announced what they said was an agreement for China Power International Development to buy $US60 billion ($68.8bn) worth of coal over the next 20 years from the Galilee Basin in central Queensland.
China Power International Development, a listed company on the Hong Kong Stock Exchange, issued a statement yesterday in which it denied it had reached such an agreement.
| "We're working harder to settle the final contract, which will take some time to complete” - Mr Zhao Yazhou |
Mr Palmer then issued a statement in which he said a mistake had been made and the agreement his company, Resourcehouse, had reached was with China Power International Holding, a Chinese government-owned enterprise based in Beijing.
Mr Palmer attended a lunch in Beijing yesterday with China Power International Holding before flying to Hong Kong and then Perth, but stood by the weekend announcement of the deal and the figures in it.
However, there was further doubt cast on the strength of the deal when China Power International Holding's vice-president said it had only signed a "framework agreement".
A report of a speech by Zhao Yazhou at the lunch said the two companies were still working on the final contract, but didn't indicate when a definitive agreement would be reached.
"We're working harder to settle the final contract, which will take some time to complete," Mr Zhao said.
Xinhua, the official Chinese news agency, reported a company official as saying the two companies had signed "an agreement of intent" and they had not yet started price negotiations.
Mr Palmer's company yesterday stood by its statement that the deal was a binding contract, but said the $US60bn figure was an estimate and it would not confirm if price negotiations had been detailed in the deal.
Resourcehouse executive director Phil McNamara said the company's statement, correcting its initial release on the deal, stated that the price would be linked to the market and the $US60bn figure was an estimate over the life of the agreement.
"It is linked to the market for 20 years of supply. We have estimated what we think the value is across the life of the agreement," he said yesterday.
Mr Palmer was yesterday travelling between Beijing, Hong Kong and Perth, but a statement from him said the contract was with China Power International Holding Limited, a Chinese government-owned enterprise based in Beijing, not its Hong Kong subsidiary, China Power International Development.
Ms Bligh said she had seen the contract and while it did not mention dollar totals, it did mention tonnages, and Mr Palmer had worked out the average price over a 20-year period.
"I'm advised that it is a legally binding agreement that will underpin the price contract," she said. One China-focused lawyer said the wording around binding contract and China's rebuttal that it was an "agreement of intent", sounded similar to the recent Australian Securities & Investments Commission's case against Andrew Forrest's Fortescue Metals Group.
The corporate watchdog lost its battle to prove that Mr Forrest and Fortescue had misled the market about the status of deals signed in 2004 with Chinese companies. ASIC is now appealing the ruling.
ASIC initiated legal action against Mr Forrest and Fortescue in the Federal Court in March 2006, claiming they had engaged in misleading and deceptive conduct by overstating agreements with three Chinese companies to finance its Pilbara iron ore project.
But Mr Forrest's team argued that contracts with Chinese companies were binding.
Source: The Australian
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Friday, 29 January 21
COAL EXPORTS FROM AUSTRALIA TO MAINLAND CHINA DECLINED BY -22.2% Y-O-Y IN 2020 - BANCHERO COSTA
In the 12 months of 2020, global seaborne coal trade declined by as much as -12.7% year-on-year, according to vessel tracking data from Refinitiv, ...
Friday, 29 January 21
OPEC+, COVID-19 AND ENERGY TRANSITION - 3 THEMES IMPACTING OIL MARKETS AND REFINING IN 2021 - WOOD MACKENZIE
Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key them ...
Thursday, 28 January 21
STRONG CHINESE THERMAL COAL IMPORTS TO BENEFIT INDONESIAN MINERS IN THE NEAR TERM - FITCH RATINGS
China's thermal coal imports are likely to remain strong ahead of the Chinese New Year in mid-February on robust demand, high utilisation at do ...
Thursday, 28 January 21
WIND PROPULSION FOR DRY BULK CARRIERS - OLDENDORFF
Oldendorff Carriers (OC) has signed a Joint Development Project (JDP) with Anemoi Marine Technologies (Anemoi), Lloyd’s Register (LR) and Sha ...
Thursday, 28 January 21
BUMA PRICED A USD400 MILLION 7.75% 5-YEAR SENIOR NOTES
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama priced a USD400 million 5-year (non-callable 2-year)& ...
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- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Australian Coal Association
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- The University of Queensland
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
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