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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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Monday, 02 November 20
PHILIPPINES GOVERNMENT SAYS NO TO NEW COAL PLANT PROPOSALS - IEEFA | 24 PILIPINAS
The Duterte administration will no longer accept proposals to construct new coal power plants, a dramatic shift in energy policy that counts on dec ...
Sunday, 01 November 20
GRADUAL RECOVERY FOR INDONESIAN COAL FROM 4Q20; RISKS REMAIN - FITCH RATINGS
Fitch Ratings expects the credit metrics of Indonesian coal miners and coal contractors to improve from 4Q20 with the recovery in volumes and price ...
Wednesday, 28 October 20
BIODIESEL - NEW FUELS, NEW CHALLENGES - GARD | DNV GL
KNOWLEDGE TO ELEVATE
One of numerous possible ways to comply with the IMO’s strategy on the reduction of greenhouse gas (GHG) emissions ...
Wednesday, 28 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.94 points Monday, up 0.35 percent week on week.
The index, released by China ...
Wednesday, 28 October 20
MARKET INSIGHT - INTERMODAL
The global strive towards eco-friendliness and environmental sustainability in the shipping industry is mounting. There are currently almost 200 co ...
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- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Australian Coal Association
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- The University of Queensland
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
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