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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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Wednesday, 19 August 20
COAL INDIA TRADE UNIONS DEFER DAY-LONG STRIKE: PTI
The unions had decided to go on strike against the commercial mining and the proposed divestment or buyback of shares of Coal India Ltd (CIL).
...
Wednesday, 19 August 20
MISC MARKS ITS MAIDEN FORAY INTO MAJOR DEEP-WATER PROJECT IN LATIN AMERICA WITH MERO 3 FPSO
MISC Berhad (MISC) is pleased to announce its acceptance of Letter of Intent (LOI) from Petróleo Brasileiro S.A. (Petrobras) for the provisi ...
Wednesday, 19 August 20
MARKET INSIGHT - GEORGE LAIOS | INTERMODAL
Since the Covid-19 outbreak, governments and central banks around the globe have been using their ammunition and stimulus packages to keep their ec ...
Wednesday, 19 August 20
INDIA SAW A SHARP DECLINE IN ENERGY COAL IMPORTS IN JANUARY - JUNE 2020; –27 PER CENT YOY - BHP
Energy coal prices were weak in the second half of financial year 2020, BHP says in its Economic and Commodity Outlook FY20.
Accordi ...
Wednesday, 19 August 20
COAL PRICES TO REMAIN SUBDUED THIS FISCAL AMID WEAK DEMAND, HIGH INVENTORY - THE HINDU BUSINESS LINE
Coal offtake is improving gradually as lockdown eases
Coal prices are expected to remain subdued to weak demand and high inventory l ...
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- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- The University of Queensland
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
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