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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, 03 February 10
RECOVERY IN INDONESIAN MINING SECTOR EXPECTED TO BOOST SALES, UNITED TRACTORS SAYS
PT United Tractors, the country’s biggest supplier of heavy equipment, said on Tuesday that it expected sales to increase 15 percent this year ...
Tuesday, 02 February 10
THAI BANPU SAYS HIGHER COSTS TO HIT COAL PROFITS
Thailand's top coal miner, expects profits from its coal business in 2010 to be lower than last year due to higher costs, but its chief executive i ...
Monday, 01 February 10
CIL PLANS TO INVEST IN OVERSEAS COAL MINES
Over the next 10 years, CIL expects to import from these mines at least 500 million tonnes of thermal coal, a variety used by power plants
The bo ...
Sunday, 31 January 10
AUSTRALIA NEWCASTLE THERMAL COAL FALLS 0.7 PERCENT TO $ 98.53
Power-station coal prices at Australia’s Newcastle port, a benchmark for Asia, declined 0.7 percent, falling for the first time in four weeks. ...
Sunday, 31 January 10
NTPC TO IMPORT COAL
NTPC Ltd plans to import coal directly, starting next fiscal.
“We plan to import 15-16 million tonnes of coal directly from next year,&rdqu ...
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- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Planning Commission, India
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
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