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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 $US60bn figure was an estimate over the life of the agreement.
"It is linked to the market for 20 years of supply. We have estimated what we think the value is across the life of the agreement," he said yesterday.
Mr Palmer was yesterday travelling between Beijing, Hong Kong and Perth, but a statement from him said the contract was with China Power International Holding Limited, a Chinese government-owned enterprise based in Beijing, not its Hong Kong subsidiary, China Power International Development.
Ms Bligh said she had seen the contract and while it did not mention dollar totals, it did mention tonnages, and Mr Palmer had worked out the average price over a 20-year period.
"I'm advised that it is a legally binding agreement that will underpin the price contract," she said. One China-focused lawyer said the wording around binding contract and China's rebuttal that it was an "agreement of intent", sounded similar to the recent Australian Securities & Investments Commission's case against Andrew Forrest's Fortescue Metals Group.
The corporate watchdog lost its battle to prove that Mr Forrest and Fortescue had misled the market about the status of deals signed in 2004 with Chinese companies. ASIC is now appealing the ruling.
ASIC initiated legal action against Mr Forrest and Fortescue in the Federal Court in March 2006, claiming they had engaged in misleading and deceptive conduct by overstating agreements with three Chinese companies to finance its Pilbara iron ore project.
But Mr Forrest's team argued that contracts with Chinese companies were binding.
Source: The Australian
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Sunday, 30 August 20
PANAMAX - THIS WEEK THE DEMAND HAS PICKED UP, BUT THE TONNAGE LIST IS INCREASING DAY BY DAY - FEARNLEYS
Cape Size
More or less flat from previous week, with cape rates moving from US$ 19,500 to 18,900 on average. West Australia however being more ...
Saturday, 29 August 20
COAL INDIA'S FUEL SUPPLY TO POWER SECTOR DROPS ABOUT 20% IN APR-JUL: PTI
State-owned Coal India”s fuel supply to the power sector registered a decline of 19.5 per cent to 126.30 million tonnes (MT) in the April-Jul ...
Saturday, 29 August 20
SOUTH KOREAN BROKERAGE FIRM KOREA INVESTMENT & SECURITIES TO STOP ALL COAL BUSINESS - KOREA HERALD
South Korean brokerage firm Korea Investment & Securities has decided to stop its investments in coal, in line with the Moon Jae-in administrat ...
Thursday, 27 August 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 985,000 TONS OF BITUMINOUS COAL FOR NOVEMBER 2020 LOADING
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 985,000 ...
Thursday, 27 August 20
SOUTHEAST ASIAN NATIONS SET REGION-WIDE RENEWABLE ENERGY GOAL OF 23 PERCENT BY 2025 - ASEAN POST
The Association of Southeast Asian Nations (ASEAN) has set an ambitious target of securing 23 percent of its primary energy from renewable so ...
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- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- VISA Power Limited - India
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Australian Coal Association
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- The Treasury - Australian Government
- PTC India Limited - India
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Minerals Council of Australia
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
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