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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
NO AMDAL, NO COAL MINING IN KALIMANTAN: MINISTRY
To prevent further environmental damage, the government has said it would revoke the licenses of mining firms operating in Kalimantan that do not ha ...
Thursday, 04 February 10
ANTICIPATING DOMESTIC COAL DEMAND
Indonesia has an abundant amount of coal reserves, which in 2008 is estimated at 7,12 billion tones. Coal production in 2008 reached 231,18 mi ...
Wednesday, 03 February 10
CHINA'S MAIN COAL PRICES FALL AS WINTER DEMAND EASES
Weekly coal prices at China's Qinhuangdao port, a benchmark in the world's biggest producer and consumer of the fuel, fell for the first time in s ...
Wednesday, 03 February 10
NEWCASTLE COAL EXPORTS RISE 3%; SHIP QUEUE SHORTENS
Coal shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel, increased 3 percent last week while the ...
Wednesday, 03 February 10
INDONESIA BUKIT ASAM SEES DOUBLE DIGIT 2010 REV GROWTH
* 2009 net profit rose an estimated 50 pct
* Sees opportunities for overseas acquisitions
Indonesian state-owned coal miner Bukit Asam saw 2009 ...
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- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
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