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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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Friday, 06 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 ...
Thursday, 05 November 20
THE INDONESIA COAL PRICE REFERENCE RISES FOR SECOND CONSECUTIVE MONTH
COALspot.com: The Indonesia Coal Price Reference rose for a 2nd month by 9.24% month on month. The Indonesia Coal Price Reference for the month of ...
Wednesday, 04 November 20
PHILIPPINES COAL MORATORIUM HIGHLIGHTS DRAMATIC PIVOT TO RENEWABLE ENERGY INVESTMENT FOR LOWER PRICES AND POWER SYSTEM RESILIENCE - IEEFA
Policymakers and industry leaders ready to embrace new energy technologies
The Department of Energy’s call for a moratorium on ...
Wednesday, 04 November 20
FOREIGN INVESTORS FACE TOUGH TIMES CLOSING VIETNAM’S REMAINING COAL POWER DEALS - IEEFA
Project bankability at risk as new regulations threaten usual contractual terms
Foreign investors will face higher-than-usual risks ...
Wednesday, 04 November 20
MARKET INSIGHT - INTERMODAL
As the end of the year approaches, one would definitely notice that the newbuilding orderbook for bulk carriers is significantly smaller compared t ...
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- MS Steel International - UAE
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- The University of Queensland
- Planning Commission, India
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
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