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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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Wednesday, 27 January 21
MARKET INSIGHT - INTERMODAL
As we have entered the era off renewable energies, all industries globally give max effort to minimize their carbon footprint and consequently thei ...
Monday, 25 January 21
ULTRAMAX YET ANOTHER POSITIVE WEEK FOR THE SECTOR, WHICH SAW INCREASED DEMAND ACROSS ALL BASINS - BALTIC BRIEFING
Capesize
The Capesize market rocked and rolled these past few days. But by weeks end little had changed on the Capesize 5TC as it settled down ...
Monday, 25 January 21
NEW LAW IN CALIFORNIA, USA, AFFECTING SHIPOWNERS' LIABILITY FOR OIL POLLUTION - BIMCO
Members are advised that amendments to the so-called Lempert-Keene-Seastrand Oil Spill Prevention and Response Act of 1990 in the State of Californ ...
Monday, 25 January 21
COAL INDIA SAYS GEARED UP TO MEET SURGE IN FUEL DEMAND FROM POWER SECTOR - PTI
State-owned Coal India Ltd on Saturday said that it is well geared to meet any surge in demand for coal from the power sector.
The s ...
Sunday, 24 January 21
GOVT ASSURES COAL INDIA OF 'FULL SUPPORT', STRESSES ON LEARNING 'NEW THINGS' - PTI
Coal Minister Pralhad Joshi assured Coal India of full government support, even as he said the PSU needs to learn “new things” for impr ...
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- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- The University of Queensland
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Australian Coal Association
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
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