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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, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
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Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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Showing 21 to 25 news of total 6871 |
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- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- The University of Queensland
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Minerals Council of Australia
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- White Energy Company Limited
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
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