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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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- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
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- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
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- Metalloyd Limited - United Kingdom
- Australian Coal Association
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- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
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- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
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- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
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- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
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