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