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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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Tuesday, 25 August 20
INDIA'S IMPORTS FALL AS LOCKDOWNS IMPACT THE POWER AND INDUSTRIAL SECTORS - REPORT
India is the world’s second largest thermal coal consumer and importer, importing an estimated 211 million tonnes of thermal coal in 2019.&nb ...
Monday, 24 August 20
A COMBINATION OF DEVELOPMENTS DROVE THE FALLOFF COAL PRICES - CHIEF ECONOMIST’ OFFICE, AUSTRALIA
China, rising domestic production combined with subdued power demand;
India, a lockdown coupled with government directives that fav ...
Monday, 24 August 20
AUSTRALIA'S THERMAL COAL EXPORTS ARE FORECAST TO DROP FROM AN ESTIMATED $20 BILLION IN 2019-20 TO $16 BILLION IN 2020-21: REPORT
Thermal coal spot prices have fallen sharply as the impact of COVID-19 drives a contraction in seaborne trade for only the second time this century ...
Saturday, 22 August 20
REPORT SEES INDIA’S RELIANCE ON THERMAL POWER DROPPING TO 50% IN 2021, 43% IN 2026 - ET ENERGY | IEEFA
India’s dependence on thermal power will reduce to 50 per cent by 2021-22 and 43 per cent by 2026-27 on the back of renewable energy (RE) cap ...
Friday, 21 August 20
323 MILLION ELECTRIC VEHICLES WILL BE ON THE ROADS BY 2040 - WOOD MACKENZIE
Electric vehicle (EV) sales are expected to reach 45 million units per year by 2040, with a total global EV stock of 323 million, according to new ...
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- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
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