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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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Monday, 15 February 10
MEC INFRA TO COMMISSION INDONESIA RAIL PROJECT
A joint venture between Ras Al Khaimah Investment Authority (Rakia) RAK Investment Authority and Minerals Energy and Commodities Holdings, a f ...
Monday, 15 February 10
INDONESIA IN TALKS TO RESOLVE BANPU MINE CLOSURE
Indonesia is seeking to resolve a land permiting problem resulting in the closure of a coal mine in Kalimantan operated by a unit of Thailand's top ...
Monday, 15 February 10
PVT ENTRY IN COAL MINING TO BE DELAYED
Entry of private players in coal mining will be delayed. Contrary to expectations, the coal ministry will not move in the Budget session a bill that ...
Sunday, 14 February 10
NEWCASTLE STEAM COAL TRADES AT US$ 91 TO US$ 92
Reuters reported that prompt cargo prices for coal delivered into Europe were largely unchanged recently after a day of subdued trading.
European ...
Saturday, 13 February 10
THE FREIGHT MARKET CONTINUED TO BE WEAK THIS WEEK - CAPT. REDDY
COALspot.com (Singapore): The freight market continued to be weak this week. There have been quite a few spot vessels open Far east and have been fo ...
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- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
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- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Mercator Lines Limited - India
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- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
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- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
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- Minerals Council of Australia
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- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
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- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Mjunction Services Limited - India
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- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
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- Trasteel International SA, Italy
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
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- Orica Australia Pty. Ltd.
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