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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, 17 December 20
CHINA'S BAN IS LESS OF A THREAT TO AUSTRALIA'S COAL INDUSTRY THAN INTERNATIONAL CLIMATE AMBITION - IEEFA
Australian coal exporters will survive this near-term political fight but there are longterm structural headwinds
The decision by Ch ...
Thursday, 17 December 20
BUMA SIGNED US$1.0 BILLION WORTH OF EXTENSION CONTRACT WITH BERAU COAL
PT Bukit Makmur Mandiri Utama, subsidiary of PT Delta Dunia Makmur Tbk., has extended its mining services contracts with PT Berau Coal, in relation ...
Wednesday, 16 December 20
INDONESIA 2020 COAL CONSUMPTION ESTIMATED AT 140-145 MLN TONNES - OFFICIAL, REUTERS REPORTED
Indonesia’s domestic coal consumption is estimated at 140-145 million tonnes this year, Dodik Ariyanto, an official at the energy ministry, t ...
Wednesday, 16 December 20
RUSSIA REVISES DOWN EXPORT EXPECTATION - FITCH
The Ministry of Economy of Russia, the world’s third largest thermal coal exporting country, released its annual forecasts ...
Wednesday, 16 December 20
INDIAN COAL IMPORTS TO REMAIN SUBDUED - FITCH RATINGS
Fitch Rating commented on Indian Coal Imports, Fitch said, coal imports by Indian utilities fell by about 24% yoy to 44 million tonnes (mt) i ...
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- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
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- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
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- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
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- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
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- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
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- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
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- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
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- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
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- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
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- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
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- Central Electricity Authority - India
- Thiess Contractors Indonesia
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- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- White Energy Company Limited
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
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- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
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- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
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- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
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- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
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- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
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