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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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Showing 41 to 45 news of total 6871 |
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- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Aditya Birla Group - India
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Minerals Council of Australia
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- The University of Queensland
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
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