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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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Thursday, 04 February 10
COAL PRODUCTION EXPECTED TO REACH 280 MILLION METRIC TONS - INDONESIA UPDATE
Indonesia`s coal production target for 2010 has been set at 275 million to 280 million metric tons, according to the Association of Indonesian Coal ...
Thursday, 04 February 10
MASSEY CEO 'NOT EXCITED' ABOUT PROSPECT OF QUARTERLY COAL PRICING
US coal producer Massey Energy is not in favour of switching to a quarterly pricing schedule for metallurgical coal, from the current annual price b ...
Thursday, 04 February 10
BUKIT ASAM GOES SHOPPING FOR MORE COAL MINES
State-owned coal miner PT Tambang Batubara Bukit Asam has set aside Rp 1.5 trillion ($162 million) to acquire two coal mines in East Kalimantan, pre ...
Thursday, 04 February 10
PTT EYES OVERSEAS COAL
Revenue could reachUS$600 million a year
PTT Plc, Thailand's largest energy company, aims to raise the annual revenue from its overseas coal bus ...
Thursday, 04 February 10
RI TO GRADUALLY STOP COAL EXPORTS
Indonesia, which over the past few years has become the world`s third largest coal exporter after Australia and China, is planning to gradually stop ...
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Showing 6026 to 6030 news of total 6871 |
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- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- The University of Queensland
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Posco Energy - South Korea
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Planning Commission, India
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
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