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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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Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Parliament of New Zealand
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- White Energy Company Limited
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
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