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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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Saturday, 23 January 21
GOVT PLANNING TO OPEN UP COAL MARKETING TO STREAMLINE PROCESS - THE INDIAN EXPRESS
The government is considering opening up coal marketing, Coal Secretary Anil Kumar Jain said on Thursday. Currently, production by Coal India is al ...
Thursday, 21 January 21
LNG MARKET RIDING HIGH, BUT WILL THE GAINS CONTINUE? - DREWRY
The LNG market started 2021 on a high note with Asian spot prices crossing $30 per MMBtu while LNG shipping rates recorded a high $350k per day due ...
Thursday, 21 January 21
CHINA'S SPOT THERMAL COAL PRICES REFRESH RECORD HIGH - MYSTEEL
Despite the moderate rebound in temperatures across most regions of China after late December’s deep-freeze, thermal coal prices in the count ...
Wednesday, 20 January 21
CORONAVIRUS OUTBREAK IN HEBEI HAS LIMITED IMPACT ON CHINA'S STEEL INDUSTRY - FITCH RATINGS
The recent Covid-19 outbreak in the steel producing hub Hebei will not have material impact on China’s steel industry, Fitch Ratings says.
...
Wednesday, 20 January 21
MARKET INSIGHT - INTERMODAL
While 2020 is finally behind us, its negative impacts are still hovering over the shipping market. That being said, it is still too early to even s ...
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- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
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- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
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- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- PTC India Limited - India
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- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Australian Coal Association
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Planning Commission, India
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
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