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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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Thursday, 10 September 20
U.S. COAL PRODUCTION IN 2020 TO BE 511 MMST, 28 PER CENT LOWER THAN IN 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 511 million short tons (MMst), 194 MMst (28%) lower than in 2019. Mitigation efforts related t ...
Thursday, 10 September 20
DRY BULK SHIPPING: CHINA'S DEMAND KEEPING THE DRY BULK MARKET GOING - PETER SAND | BIMCO
Overview
An impressive recovery in Chinese dry bulk imports has protected the industry from the effects of falling demand in the rest of the wo ...
Thursday, 10 September 20
TANKER SHIPPING: FREIGHT RATES BACK AT LOSS-MAKING LEVELS AFTER 12 VERY PROFITABLE MONTHS - BIMCO
Overview
A stunningly strong 12 months for the tanker shipping industry is now being replaced by lower freight rates, as lower oil product ...
Thursday, 10 September 20
INDIA'S COAL IMPORTS STUMBLE IN AUGUST, RAISING RISK OF SLOW RECOVERY - REFINITIV | BANCHERO COSTA
After posting a mild recovery in July, India's coal imports have stumbled in August as the South Asian nation battles to restart it ...
Thursday, 10 September 20
THE FIRST 8 MONTHS OF 2020, INDONESIA EXPORTED 217.4 MLN TONNES OF COAL BASED ON REFINITIV - BANCHERO COSTA
The coal market has been hit by a weaker global economy as a result of COVID-19 pandemic and falling industrial electricity demand ...
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- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- White Energy Company Limited
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- The University of Queensland
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Aditya Birla Group - India
- PTC India Limited - India
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
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