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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
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Friday, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
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- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Economic Council, Georgia
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Parliament of New Zealand
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
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