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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, 27 June 12
DIRECTORATE GENERAL OF MINERAL AND COAL OF INDONESIA INTRODUCES ON-LINE SYSTEM FOR MINING PRODUCTS EXPORT APPROVAL
COALspot.com - Directorate General of Mineral and Coal of Indonesia has released "Clear and Clean" certificate for another 33 coal miners ...
Monday, 25 June 12
RIO TINTO MAKES FIRST COAL SHIPMENT FROM MOZAMBIQUE
Rio Tinto has started exporting premium hard coking coal from its Benga Mine in the Moatize Basin in Mozambique. The first shipment of 34,000 tonnes ...
Sunday, 24 June 12
SUPRAMAX FREIGHT MARKET FIRMED UP FROM INDONESIA TO INDIA - VISTAAR
COALspot.com - This week all the segments gained and marked was firm in the Supramax and Handy size sector, where as the Cape and Panamax inde ...
Saturday, 23 June 12
COAL PRICES APPETITE FOR ROLLER-COASTER RIDES
COALspot.com - SGX AsiaClear OTC Coal Swaps have suffered something of a roller-coaster ride in terms of prices during this week. SGX’s Indone ...
Friday, 22 June 12
PRESENT SPOT WEAKNESS IS TEMPORARY, SEASONAL AND RISE AS WINTER APPROACHES - BUMI
COALspot.com - PT Bumi Resources Tbk, the world’s one of the largest coal producer and Indonesia’s largest multi grade coal miner has no ...
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- Marubeni Corporation - India
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- VISA Power Limited - India
- Ministry of Mines - Canada
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- Bharathi Cement Corporation - India
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
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- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
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- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
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- Kohat Cement Company Ltd. - Pakistan
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- Madhucon Powers Ltd - India
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Commonwealth Bank - Australia
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- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
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- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
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- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
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- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
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- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
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- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
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- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
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- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
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- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- The University of Queensland
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Planning Commission, India
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
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- Pendopo Energi Batubara - Indonesia
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- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
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