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.
|
|
Tuesday, 08 December 20
MARKET ANALYSIS - ALLIED SHIPPING
It is now undisputed that oil consumption for 2020 will post a considerable drop, as demand for several petroleum products has plummeted since the ...
Tuesday, 08 December 20
PANAMAX: THE OVERALL MARKET SEEMS TO BE UNDER NEGATIVE PRESSURE - ALLIED
Capesize
A rather indifferent week for the Capesize market, with BCI 5TC figure finishing the week with slight losses of 0.8%. The Atlantic enj ...
Friday, 04 December 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 04 December 20
THE INDONESIA COAL PRICE REFERENCE REACHES THREE MONTH HIGH ON IMPROVING DEMAND OUTLOOK
COALspot.com: The Indonesia Coal Price Reference reaches three month high on improving demand outlook . The Indonesia Coal Price Reference rose by& ...
Wednesday, 02 December 20
GLOBAL MINING SECTOR OUTLOOK STABLE DUE TO CHINA'S RECOVERY - FITCH RATINGS
China’s post-pandemic economic recovery and sizeable infrastructure-focused government stimulus boosted global metals and mining prices, help ...
|
|
|
Showing 716 to 720 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Parliament of New Zealand
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
|
| |
| |
|
