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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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- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Aditya Birla Group - India
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Parliament of New Zealand
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
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