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