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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, 27 August 20
BANGLADESH POWER MINISTRY SEEKING AUTHORITY TO CANCEL 13,000 MW OF PROPOSED COAL-FIRED CAPACITY - BUSINESS STANDARD
In a bid to move away from dirty energy, the Ministry of Power, Energy and Mineral Resources is seeking the prime minister’s approval to conv ...
Wednesday, 26 August 20
ASIAN COAL PRICES LIKELY TO REMAIN DEPRESSED SAY TRADERS, ANALYSTS - REUTERS
Asian coal prices, which have fallen around 25% this year as power demand slumped due to the coronavirus outbreak, are unlikely to move higher befo ...
Wednesday, 26 August 20
WORLD COAL EXPORTS: INDONESIAN THERMAL COAL EXPORTS HAVE COME UNDER PRESSURE AS THERMAL COAL PRICES WEAKEN - REPORT
Indonesia’s exports to decline sharply from record highs
Indonesia is the world’s largest thermal coal exporter, sellin ...
Wednesday, 26 August 20
JAPAN'S COAL IMPORTS ARE BEING AFFECTED BY COMPETING INFLUENCES - REPORT
Japan is the world’s third largest thermal coal importer, importing an estimated 135 million tonnes of thermal coal in 2019. The country&rsqu ...
Wednesday, 26 August 20
PENDING SOUTH KOREA LEGISLATION COULD FORCE HALT TO COUNTRY’S COAL PLANT EXPORT DEALS - KOREA ECONOMIC DAILY
South Korea’s parliament looks set to pass new legislation to ban financing on foreign coal power projects, putting all overseas coal-fired p ...
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- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- The University of Queensland
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
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