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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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Friday, 12 February 10
TATA POWER: QUARTERLY BLIP
Although the company’s revenues dipped in the December quarter, its long-term story is intact.
Lower power generation and realisations saw ...
Thursday, 11 February 10
THE INDIAN MARKET SOFTENING A BIT - FEARNRESEARCH
Handy
The BSI has gone down for 3 weeks now but it is more a reflection of the Pac market. Activity in the Atl remains solid and rates remain firm ...
Thursday, 11 February 10
SOUTH AFRICA COAL EXPORTS DROP TO INDIA, CHINA
South African coal exports to India from Richards Bay Coal Terminal fell 39% in January from December's levels while shipments to China dropped 55% ...
Thursday, 11 February 10
JSW STEEL IS CLOSE TO ACQUIRING TWO COAL MINES IN THE US
“We are in advanced stages of negotiation and the deal will be completed in a month or two,” a company official told DNA Money on the co ...
Wednesday, 10 February 10
BHP TAKES MARUWAI SALE OFF THE TABLE, MINISTRY SAYS
Australian mining giant BHP Billiton may cancel a plan to sell a stake in its coal mining project in Maruwai, East Kalimantan, an official at the En ...
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- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
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- PowerSource Philippines DevCo
- Bhatia International Limited - India
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- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
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- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
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- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
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- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
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- Mercator Lines Limited - India
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- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- The University of Queensland
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
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- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
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- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
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- Electricity Authority, New Zealand
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
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- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
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- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
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