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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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Thursday, 05 July 12
BUMI ACHIEVES HIGHER SELLING PRICE IN FIRST QUARTER
COALspot.com - PT Bumi Resources Tbk (BUMI), Indonesia's largest coal producer and exporter, has successfully maintained a higher sales margin, des ...
Tuesday, 03 July 12
DRY BULK MARKET INCHED FORWARD AT THE START OF THE WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market inched forward at the beginning of the new week, prior to the US holidays regarding the celebration of the 4th of July, which is ...
Monday, 02 July 12
ORPHEUS STRENGTHENS REVENUE STREAM WITH NEW ROYALTY AGREEMENT AT THE B2 COAL PROJECT
Orpheus Energy (ASX:OEG) is pleased to advise that it has executed a life of mine Royalty Agreement with Indonesian mining contractor PT Debbia Mini ...
Monday, 02 July 12
DRY BULK DEMAND TO RISE TO 3.6 BILLION TONNES IN 2012, BUT NEW BUILDING DELIVERIES ARE
In its latest analysis on the dry bulk market fundamentals, DVB Bank said that dry bulk cargo demand is forecast to rise to approximately 3.6 billio ...
Sunday, 01 July 12
AUSTRALIAS CARBON TAX - SUNIL K KUMBHAT
COALspot.com - Climate Change
Climate change and global warming have now become buzzwords the world over. The disastrous consequences for global ...
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- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- VISA Power Limited - India
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Marubeni Corporation - India
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