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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, 21 October 20
INDIA: THE COMMERCIALISATION OF COAL BLOCKS WILL BENEFIT THE ECONOMY - HINDU BUSINESS LINE
As the government of India receives 76 bids for 23 coal mines against the 38 up on auction, what does this commercialisation of coal block allocati ...
Wednesday, 21 October 20
MARKET INSIGHT - INTERMODAL
The second wave of COVID-19 is now a reality; offices are closing again, and stricter rules and regulations are being implemented in public spaces. ...
Tuesday, 20 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.82 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.49 points Monday, up 0.82 percent week on week.
The index, released by China ...
Tuesday, 20 October 20
BIMCO 'SHIPLEASE' TERM SHEET - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The ever-growing importance of sale and leaseback transactions as an alternative to financing ships by way of loan, makes ...
Friday, 16 October 20
KOMIPO ON BEHALF OF K GENCO'S INVITED BIDS FOR TOTAL 715,000 MT MIN. 5,700 NAR COAL FOR DECEMBER
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 715,000& ...
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- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Planning Commission, India
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
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