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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, 16 December 20
CHINA TO BOOST DOMESTIC SUPPLY - FITCH
China’s benchmark Qinhuangdao 5,500kcal/kg coal price rose above the government’s upper yellow interval of CNY600/tonne in early Octobe ...
Wednesday, 16 December 20
INDONESIAN COAL RECOVERING - FITCH
Commenting on Indonesian coal, Fitch Ratings, the Indonesian 4,200 kcal index has begun to recover, improving to over USD 29 in November compared t ...
Tuesday, 15 December 20
NEWCASTLE PRICES RECOVER - FITCH
Prices for the benchmark Newcastle 6,000 kcal/kg grade coal have rebounded to over USD 70/tonne since late November as major Asian economies ease l ...
Tuesday, 15 December 20
APAC COAL PRICES REBOUND ON IMPROVED DEMAND AND SUPPLY CUTS - FITCH RATINGS
Prices for the benchmark Newcastle 6,000kcal/kg grade coal have rebounded to over USD70/tonne since late November as major Asian economies ease loc ...
Tuesday, 15 December 20
CHINA EXTENDS FULL OPEN GESTURE TO IMPORTED COAL EXCEPT FOR AUSTRALIA - GLOBAL TIMES
Domestic, overseas suppliers will take up share with easier clearance
China's top economic planner on Saturday gave approval to ...
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Showing 706 to 710 news of total 6871 |
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- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- White Energy Company Limited
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
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