We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Friday, 22 June 12
GLOBAL ACTION NEEDED ON ENERGY POVERTY - WORLD COAL
Eradicating energy poverty is possibly the biggest challenge facing the world today. Like climate change it can only be addressed with a concerted g ...
Friday, 22 June 12
COAL: THE BACKBONE OF MODERN ELECTRICITY - ECOAL
Coal has been described as the "forgotten fuel," perhaps because many aren't aware of the huge role it plays in powering the global econo ...
Thursday, 21 June 12
DRY BULK MARKET ON THE RISE AGAIN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was on the rise once again yesterday, with the Baltic Dry Index (BDI), the industry’s benchmark, rising by 18 points, or 1 ...
Wednesday, 20 June 12
BDI MOVING HIGHER, PANAMAX AND SUPRAMAX VESSELS STRONGER, CAPESIZE RATES NEAR TO HISTORICAL LOWS OF DECEMBER 2008 - MARIA BERTZELETOU, HELLENIC SHIPPING
The dry market seems to follow the dynamic of the previous week with the Baltic Dry Index showing daily increases since June 8th, but is still stand ...
Tuesday, 19 June 12
SMALLER DRY BULK CARRIERS LIFT UP MARKET, PANAMAXES SET TO FALL SAYS ANALYST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Another rise for the dry bulk market was evident yesterday, as the industry’s benchmark, the BDI (Baltic Dry Index) was up for a ninth straigh ...
|
|
|
Showing 4686 to 4690 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- PTC India Limited - India
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
|
| |
| |
|
