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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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Monday, 04 January 21
U.S. RENEWABLE ENERGY CONSUMPTION SURPASSES COAL FOR THE FIRST TIME IN OVER 130 YEARS - EIA
In 2019, U.S. annual energy consumption from renewable sources exceeded coal consumption for the first time since before 1885, according to the U.S ...
Monday, 04 January 21
BLISS FOR SHIPOWNERS! DAMAGES MAY BE CLAIMED IN ADDITION TO DEMURRAGE FOR VOYAGE CHARTERPARTY DELAY - WFW
KNOWLEDGE TO ELEVATE
In a significant decision for the maritime sector, The Eternal Bliss[1], the English Commercial Court has resol ...
Sunday, 03 January 21
INDIA: COMMERCE MINISTRY LAUNCHES COAL IMPORT MONITORING SYSTEM - PTI
CIMS shall require importers to submit advance information in an online system for imports of items and obtain an automatic registration number by ...
Wednesday, 30 December 20
A LOOK BACK INTO 2020: THE HEADWINDS, THE TAILWINDS AND EVERYTHING IN BETWEEN - SIGNAL
There is no doubt that 2020 has been a turbulent year for commercial shipping. The coronavirus pandemic has shaken the global maritime transport. T ...
Tuesday, 29 December 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.66 PCT - XINHUA
China Taiyuan coal transaction price index stood at 134.78 points Monday, up 0.66 percent week on week.
The index, released by China ...
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- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Planning Commission, India
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- GMR Energy Limited - India
- ASAPP Information Group - India
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- White Energy Company Limited
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Mercator Lines Limited - India
- MS Steel International - UAE
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