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