We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Friday, 08 June 12
NO IMMEDIATE IMPACT ON ADARO'S RATING FROM BEP TRANSACTION - FITCH RATINGS
 Fitch Ratings has said that PT Adaro Indonesia's (Adaro, 'BB+'/ Stable) ratings are not immediately affected by its parent PT Adaro Energy Tbk's (Adaro Energy) planned investment in greenfield coal miner PT Bhakti Energi Persada (BEP).
Adaro Energy recently signed an agreement for the right to acquire up to 51% of BEP over three years for up to USD500m through a convertible loan or to issue a pre-specified number of shares of Adaro Energy to the shareholders of BEP (participating in this agreement) in exchange for 79.8% of BEP. Adaro Energy currently owns 10.22% of BEP.
BEP has seven coal concessions, all IUPs (Izin Usaha Pertambangans - mining business licences), with estimated Australasian Joint Ore Reserves Committee (JORC)-compliant coal resources of 9.53 billion tonnes. Fitch expects that a large part of the investment required before bringing these resources to production will relate to the coal hauling road connecting the mines to barging and shipping points. Coal resources of BEP are of low energy content (3,379kcal on a gross as received basis) and as such will trade at a substantial discount to benchmark thermal coal prices. However, the favourable geology of BEP mines will allow the extraction of coal at an extremely low strip ratio (i.e., units of overburden to be removed on per unit of coal extracted) over the average life of a mine of below 0.5x as estimated by Adaro Energy, supporting the economic viability of these operations. The materially shorter supply chain of BEP's mines at 130km (versus 320km for Adaro's existing mines) would provide further support.
However, BEP coal mines have substantially lower cash margins than Adaro Energy's currently main cash generating mine, Tutupan, and are more susceptible to low coal prices. There is also uncertainty relating to coal mining regulations in Indonesia at present, such as restrictions on coal exports and a resource export tax. Any unfavourable regulatory developments can affect the commerciality of BEP's operations. However, Adaro Energy's options to invest in rather than an outright purchase of BEP resources provide a meaningful level of flexibility and safety. Fitch believes that any investments in the first half of the three-year option period will not be significant and can be funded from Adaro Energy's projected internal cash generation.
If successfully executed, BEP can over time contribute to the increasing diversity of Adaro Energy's mining operations. The limited diversity of Adaro Energy's existing mine sites is one of the factors currently constraining its ratings.
The ratings of Adaro are based on the credit profile of Adaro Energy given their strong rating linkages as per Fitch's parent-subsidiary linkage methodology. At end-March 2012 Adaro Energy's funds from operations (FFO)-adjusted gross leverage was 2.4x and FFO interest coverage 7.0x.
Negative rating action may result from FFO gross leverage rising above 2.75x or FFO interest coverage falling below 5x for two consecutive years. Other negative rating guidelines are material deviation from its policy of maintaining strong liquidity; adverse regulatory developments that will significantly impair Adaro Energy's financial profile; further substantial investments that weaken Adaro's financial or operating risk profile and a sustained weakening of coal prices.
Source: Fitch (Hong Kong) Limited
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
|
|
|
Showing 51 to 55 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Minerals Council of Australia
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
|
| |
| |
|
