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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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Tuesday, 17 November 20
AUSTRALIAN COAL EXPORTS TO CHINA SLUMP, BUT PRICES ARE MIXED - REUTERS
China’s unofficial ban on coal imports from Australia is starting to take its toll on volumes, with departing cargoes down sharply so far in ...
Friday, 13 November 20
SHIPPING OUTLOOK TURNS STABLE ON EBITDA GROWTH, IMPROVING SUPPLY-DEMAND BALANCE - MOODY’S
Outlook revised to stable from negative.
The global shipping industry is on course to perform better overall than we had previously ex ...
Friday, 13 November 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 ...
Monday, 09 November 20
INDONESIA MAY CUT BIODIESEL USE TARGET AS SUBSIDY FUND DEPLETES - FITCH
The Indonesian government may rein in its push to increase use of biodiesel as it now comes at higher cost following a fall in crude oil prices and ...
Monday, 09 November 20
SOUTH AFRICA: COAL MARKET CONDITIONS HAVE ' DETERIORATED MATERIALLY' - IEEFA
The Asian seaborne thermal coal pool is drying out
Resource Generation Ltd’s proposed but long delayed Boikarabelo coal mine i ...
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- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
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- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
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- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Minerals Council of Australia
- PTC India Limited - India
- Madhucon Powers Ltd - India
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- Kaltim Prima Coal - Indonesia
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- Australian Commodity Traders Exchange
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- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
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- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- The University of Queensland
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Medco Energi Mining Internasional
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- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
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