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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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- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Mercator Lines Limited - India
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- The Treasury - Australian Government
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
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