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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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- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
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- Economic Council, Georgia
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- Binh Thuan Hamico - Vietnam
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- Indian Oil Corporation Limited
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- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
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- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
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- The University of Queensland
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- Energy Link Ltd, New Zealand
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- Latin American Coal - Colombia
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- Banpu Public Company Limited - Thailand
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- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
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- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
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- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
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- Eastern Energy - Thailand
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- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
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- Minerals Council of Australia
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- Krishnapatnam Port Company Ltd. - India
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- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
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- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
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- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
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- Price Waterhouse Coopers - Russia
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- Bulk Trading Sa - Switzerland
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- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- PTC India Limited - India
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
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- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
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- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
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- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
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- Merrill Lynch Commodities Europe
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