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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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Saturday, 13 February 10
INDONESIA ISSUES NEW MINING REGULATIONS
Indonesia has issued two new regulations under its mining law to allow firms to start obtaining mining permits, in a move that should increase certa ...
Saturday, 13 February 10
COAL INDIA 2010/11 COAL IMPORTS TO JUMP - EXEC
Coal imports by state-run Coal India Ltd are likely to soar to 6-10 million tonnes in fiscal 2010/11 from an expected 1.5-1.7 million tonnes in the ...
Saturday, 13 February 10
RULES MAY FREE $10B OF MINING PROJECTS IN INDONESIA
The government announced on Friday that it had issued two implementing regulations for the new Mining Law that will clear the way for the developmen ...
Saturday, 13 February 10
INDONESIA OFFERS TAX INCENTIVES FOR RENEWABLE ENERGY
Indonesia is offering tax incentives to develop renewable energy projects, including geothermal energy, to cut dependency on fossil fuels, a decree ...
Friday, 12 February 10
MECHEL EYES 2010 COAL OUTPUT AT 28-29 MLN T
Russian steel and coking coal producer Mechel expects coal output to reach 28-29 million tonnes this year, returning to pre-crisis levels thanks to ...
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- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Economic Council, Georgia
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
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