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