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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, 07 October 20
U.S. COAL PRODUCTION TO DECREASE BY 26 PERCENT IN 2020 COMPARED TO 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 525 million short tons (MMst), compared with 705 MMst in 2019, a 26% decrease.
COVID-19 a ...
Wednesday, 07 October 20
MARKET INSIGHT - INTERMODAL
The challenges brought forward in 2020 proved to be very different from what we could have ever imagined. Together with placing a significant strai ...
Tuesday, 06 October 20
KOSPO TO IMPORT 80,000 MT OF 3,800 NCV COAL FOR 2H NOV
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 MT Min.3800 kcal/kg NCV coal 2H November, 2020 l ...
Friday, 02 October 20
THE INDONESIA COAL PRICE REFERENCE RISE AFTER HISTORIC CRASH TO US$ 49.42
COALspot.com: The Indonesia Coal Price Reference for the month of October Rise to US$ 51.00 after historic crash to US$ 49.42 in September 2020.
...
Friday, 02 October 20
SRI LANKA MUST LEARN LESSONS FROM AROUND ASIA TO AVOID FURTHER ELECTRICITY CRISES - IEEFA
Overcommitment to fossil-fuelled power generation is leading to excess capacity and rising capacity payments, subsidies, and tariffs around the con ...
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- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
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- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
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- Eastern Energy - Thailand
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- Wilmar Investment Holdings
- Medco Energi Mining Internasional
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- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
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- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
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- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
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- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
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- Eastern Coal Council - USA
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- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
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- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
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- GAC Shipping (India) Pvt Ltd
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