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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, 13 January 21
CHINA THERMAL GENCO PROFITS FACE PRESSURE AMID POWER SHORTAGES - FITHCH WIRE
High coal and gas prices will put near-term pressure on margins for thermal power generators in China, says Fitch Ratings. However, the power short ...
Wednesday, 13 January 21
COAL TO BE BIGGEST CONTRIBUTOR TO INDIA'S $5 TRILLION ECONOMY: AMIT SHAH - BUSINESS STANDARD
The Centre on Monday awarded the letter of allocation to successful bidders of coal mines under the commercial auction held during October-November ...
Monday, 11 January 21
MUTED COAL RECOVERY IN 2021 - BALTIC EXCHANGE
Coal demand is expected to rebound in 2021
Medium-term outlook is less favourable although demand declines are expected to be subtle ...
Sunday, 10 January 21
KOREAN GENCOS INVITED BIDS FOR TOTAL 880,000 TONS OF COAL FOR MARCH 2021 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), on behalf of EWP, KOSPO, KOSEP and KOWEPO issued an international tender for total 880 ...
Friday, 08 January 21
INDIA COULD COMPETE AGAINST CHINA IN SOLAR MODULE PRODUCTION WITH THE RIGHT GOVERNMENT SUPPORT - IEEFA
The focus should be on helping manufacturers become globally competitive
Although one of the top 10 solar module producers in the world, India ...
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- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Eastern Energy - Thailand
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
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