We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Monday, 21 December 20
COAL'S PARTIAL RECOVERY IS SET TO FADE AFTER 2021 - IEA
Global coal consumption is estimated to have fallen by 7%, or over 500 million tonnes, between 2018 in 2020. A decline of this size over a two-year ...
Monday, 21 December 20
A REBOUND IN GLOBAL COAL DEMAND IN 2021 IS SET TO BE SHORT-LIVED, BUT NO IMMEDIATE DECLINE IN SIGHT - IEA
After a major drop in recent years, global coal demand is forecast to rise by 2.6% in 2021 before flattening out to 2025
A global ec ...
Friday, 18 December 20
AUSTRALIA PM WARNS OF ‘LOSE-LOSE’ IN ANY CHINA COAL SHIFT - REUTERS
Australian Prime Minister Scott Morrison said any shift by China away from importing high quality Australian coal would be a “lose-lose&rdquo ...
Friday, 18 December 20
BIG OIL AND COAL EXPORTERS FACE RECKONING AS PARIS AGREEMENT TURNS FIVE - CNA
On Dec 12, more than 70 global leaders came together at the UN’s Climate Ambition Summit, marking the fifth anniversary of the Paris Agreemen ...
Friday, 18 December 20
SOUTH AFRICAN COAL EXPORTERS LARGELY DEPENDENT ON THE ASIAN MARKETS - BANCHERO COSTA
South Africa is the fourth largest exporter of coal in the world, after Australia, Indonesia and Russia. In calendar 2019 the country exported a to ...
|
|
|
Showing 696 to 700 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- The University of Queensland
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
|
| |
| |
|
