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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, 10 February 10
JPMORGAN FORECASTS A 5.7% GROWTH IN SEABORNE IRON ORE SHIPMENTS, 3.8% FOR COAL AND GRAIN THIS YEAR
This year volumes of iron ore transportation by sea may grow to 5.7%, coal and grain up 3.8% over numbers in 2009, Ukrrudprom reports citing analyst ...
Wednesday, 10 February 10
ANGLO AMERICAN TIPS COAL PRICE RISE AFTER RAIN, AUSTRALIAN SAYS
Anglo American Plc expects coking coal contract prices to rise after weeks of heavy rain in Queensland state cut output by as much as 10 million met ...
Wednesday, 10 February 10
KANGAROO RESOURCES COMMENCES MINING AT MAMAHAK COKING COAL PROJECT
International coal producer Kangaroo Resources has kicked off mining at its second Indonesian coal operation, the Mamahak Coking Coal Project in Eas ...
Tuesday, 09 February 10
INDIANS SAY SEEKING COAL BARGAINS VIA INDEX PRICES
* Indonesian cheaper than S.African - traders
* End-users wait for price falls before tendering
Indian coal traders responsible for the bulk of ...
Tuesday, 09 February 10
EURO COAL-PROMPT SLIDES WITH OIL PRICES
* April S.African cargo trades at $83.50/T FOB, unchanged
* April DES cargo trades at $74.75 a tonne, down $1/T
* Russia's Kuzbassrazrezugol sees ...
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- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- PTC India Limited - India
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
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