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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, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
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- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
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- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- The University of Queensland
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
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