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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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Monday, 08 February 10
BLACK RIDGE MINING APPOINTS INDEPENDENT CONSULTANT
Australian-listed Black Ridge Mining has announced the appointment of David Tuit as an independent consultant to assist with the assessment of the c ...
Monday, 08 February 10
SOUTH AFRICAN EXPORT COAL RISES FOR FIRST TIME IN FOUR WEEKS
Prices for coal shipped from South Africa’s Richards Bay, the continent’s biggest export facility for the fuel, posted their first gain ...
Monday, 08 February 10
NTPC HOPES TO START ON 500-MW PROJECT IN SRI LANKA BY FEB-END
NTPC sources told Business Standard, “All formalities from our government and NTPC have been completed.
The opinion of the Sri Lankan atto ...
Sunday, 07 February 10
AN AUSTRALIAN FIRM HAS SIGNED A $60BN DEAL TO SUPPLY COAL TO CHINESE POWER STATIONS
Clive Palmer, chairman of the company, Resourcehouse, said it was Australia's "biggest ever export contract".
Under the deal, the firm ...
Saturday, 06 February 10
FREIGHT WOULD CONTINUE TO BE SOFT NEXT WEEK - VISTAAR SHIPPING
COALspot.com (Singapore): The freight market continued to soften this week including the stock markets. The main reason seems to be Chinese ne ...
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- Petrochimia International Co. Ltd.- Taiwan
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- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
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- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
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- Indogreen Group - Indonesia
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- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
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- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
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- Anglo American - United Kingdom
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- Salva Resources Pvt Ltd - India
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- Vijayanagar Sugar Pvt Ltd - India
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- Cement Manufacturers Association - India
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- Samtan Co., Ltd - South Korea
- Australian Coal Association
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- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
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- Minerals Council of Australia
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- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
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- Indian Oil Corporation Limited
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- GN Power Mariveles Coal Plant, Philippines
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- Kumho Petrochemical, South Korea
- Parliament of New Zealand
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- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
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- Bharathi Cement Corporation - India
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- Metalloyd Limited - United Kingdom
- The University of Queensland
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
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- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
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- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
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- Kobexindo Tractors - Indoneisa
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- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
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- SMG Consultants - Indonesia
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- Commonwealth Bank - Australia
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- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
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- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
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- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
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