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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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Thursday, 07 January 21
FITCH FORECASTS DOUBLING IN ASIAN WIND, SOLAR CAPACITY BY 2029, TOPPING 1,500GW
Despite some near-term delays due to the Covid-19 pandemic, solar power and offshore wind will drive steep growth in non-hydro renewables in Asia, ...
Wednesday, 06 January 21
INDONESIA EXCEEDS COAL PRODUCTION TARGET IN 2020
Indonesian coal production reached 557.54 Million Tons in 2020 1.37% higher than of last year’s total target of 550.00 Million Tons, accordin ...
Wednesday, 06 January 21
CHINESE CITIES REPORTEDLY GO DARK AS COUNTRY FACES SHORTAGE OF COAL, A MAJOR AUSTRALIAN EXPORT - CNBC
Several major Chinese cities have reportedly gone dark as authorities limit power usage, citing a shortage of coal.
Analysts said pr ...
Tuesday, 05 January 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP - XINHUA
China Taiyuan coal transaction price index stood at 136 points Monday, up 0.91 percent week on week.
The index, released by China Ta ...
Tuesday, 05 January 21
THE INDONESIA COAL PRICE REFERENCE SOARS TO HIGHEST ONE-MONTH INCREASE SINCE DECEMBER 2016
COALspot.com: The Indonesia coal price reference for January 2021 settles above $75 for the first time since July 2019 and to highest one-month inc ...
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- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- The University of Queensland
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
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