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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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Wednesday, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
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- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Australian Coal Association
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
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