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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, 04 September 20
IN A DEEPENING DEBT HOLE OF $34 BILLION, INDONESIA’S PLN MUST STOP DIGGING - IEEFA
The utility has added IDR100 trillion in debt annually for the last five years
Utilities globally started changing the way they do business ye ...
Friday, 04 September 20
KOMIPO INVITED BIDS FOR AUSTRALIAN MIN 5,700 NCV COAL FOR NOVEMBER
COALspot.com: Korea Midland Power Co. Ltd, has issued an International tender for 260,000 MT Min.5,700 kcal/kg NCV coal November, 2020 loading. Acc ...
Thursday, 03 September 20
BRINGING SERVICES OF FTCCI CLOSER TO THE EXPORTERS AT GMR AIR CARGO COMPLEX AT SHAMSHABAD
Press Release: “FTCCI Trade Facilitation Services at your doorstep now” says J.S. Chandrashekar, IRS., Principal Commissioner of Custom ...
Thursday, 03 September 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Wednesday, 02 September 20
COAL PRODUCTION FALLS 7% IN APR-AUG; OFF TAKE DIPS 13.4% - FINANCIAL EXPRESS
In the month of August coal off take also increased 9.3% y-o-y to 44.34 MT as compared with 40.57 MT in the same period last year.
C ...
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- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Australian Coal Association
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Parliament of New Zealand
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
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