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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, 12 August 20
THE COAL MARKET IN ITALY - ASSOCARBONI
Italy, which in 2019 reported a decrease in thermal coal imports, with a volume of 7,5 million tons (-32% compared to 11 million tons in 2018), whi ...
Wednesday, 12 August 20
U.S. COAL PRODUCTION IN 2020 WILL DECREASE BY 29% FROM 2019 LEVELS TO 502 MMST - EIA
U.S. coal consumption, which dropped to its lowest point since April, totaled 95 MMst in the second quarter of 2020.
EIA expec ...
Tuesday, 11 August 20
BHP COAL ASSETS WORTH A BILLION LESS THAN JUST TWO YEARS AGO - IEEFA
Another global investor, the UK’s biggest public pension fund NEST, has withdrawn funds from BHP this week because the company is profiting & ...
Monday, 10 August 20
COAL IMPORT DROPS 43% IN JULY OWING TO HIGH STOCKPILE AT PITHEADS, PLANTS - PTI
“The market participants seem to have adopted a wait and watch approach and are currently looking for a direction. We do not expect to see an ...
Saturday, 08 August 20
GLOBAL COAL POWER PUZZLE - BALTIC EXCHANGE
Global Energy Monitor’s latest Global Coal Plant Tracker has put another nail in the coffin for the coal-carrying fleet with its finding that ...
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- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
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- Ministry of Transport, Egypt
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- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
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- Savvy Resources Ltd - HongKong
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- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
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- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
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- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- VISA Power Limited - India
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
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- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
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