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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, 25 November 20
DRY BULK SHIPPING: CHINA REMAINS THE DRIVING FACTOR, BUT COAL POLICY IS DISRUPTING THE MARKET - PETER SAND, BIMCO
The second half of the year has provided some cheer for the dry bulk market, with all ships in the spot market averaging earnings above the break-e ...
Wednesday, 25 November 20
CHINA KICKS AN OWN GOAL WITH AUSTRALIAN COAL - FORBES
China’s annoyance at Australia’s hardline stance on political interference and demands for an independent inquiry into the root cause o ...
Wednesday, 25 November 20
MINISTER - INDONESIA JAN-OCT COAL OUTPUT AT 459 MILLION TONNES - REUTERS
Indonesia coal output in the January to October period was 459 million tonnes, the country’s energy minister told parliament on Monday.
& ...
Wednesday, 25 November 20
INDIA: MORE STEPS NEEDED TO MAKE COMMERCIAL COAL MINING ATTRACTIVE TO GLOBAL PLAYERS - LIVEMINT
India concluded its first commercial coal mine auctions earlier this month. A total of 19 coal mines spread across Madhya Pradesh, Jharkhand, Odish ...
Wednesday, 25 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.38 PCT - XINHUA
China Taiyuan coal transaction price index stood at 129.21 points Monday, up 0.38 percent week on week.
The index, released by China ...
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- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- White Energy Company Limited
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
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