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