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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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- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
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- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Central Electricity Authority - India
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- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
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- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
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- Rio Tinto Coal - Australia
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- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
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- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
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- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
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- Trasteel International SA, Italy
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- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
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- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
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- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
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- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
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- Manunggal Multi Energi - Indonesia
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- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
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- Gujarat Electricity Regulatory Commission - India
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- The University of Queensland
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- Planning Commission, India
- Siam City Cement - Thailand
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
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- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
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- TNB Fuel Sdn Bhd - Malaysia
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- Medco Energi Mining Internasional
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- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
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- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- London Commodity Brokers - England
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- Australian Coal Association
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- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
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