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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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Friday, 18 September 20
INDIA'S COAL-FIRED POWER OUTPUT PICKS UP AS INDUSTRIAL USE RISES - REUTERS
India’s coal-fired electricity generation rose 9.4% in the first half of September, provisional government data showed, as demand from indust ...
Friday, 18 September 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 17 September 20
LAST HOPES FOR DEMAND GROWTH SET TO DISAPPOINT THERMAL COAL EXPORTERS - IEEFA
Asian thermal coal exporters are fighting an uphill battle even in new markets
The world’s largest thermal coal exporter is eyeing new m ...
Wednesday, 16 September 20
MARKET INSIGHT - INTERMODAL
Another active week in terms of SnP has concluded in the dry bulk market with a diversified array of transactions recorded. Despite the correction ...
Friday, 11 September 20
IMO 2020: A REVIEW OF THE TRANSITION TO VLSFOS - GARD
KNOWLEDGE TO ELEVATE
Many predictions were made in the run up to the imposition of the MARPOL 2020 sulphur cap, none of which was that the tra ...
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- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Parliament of New Zealand
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Planning Commission, India
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
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