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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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Sunday, 17 June 12
S7 & S8 ROUTES ARE LIKELY TO BE SOFT NEXT WEEK - VISTAAR
COALspot.com - The BDI gained some increase after continues fall for several weeks.
The BDI increased by 47 points (up by 5.36 pct) closing at 92 ...
Saturday, 16 June 12
INDONESIAN SUB-BITUMINOUS COAL & CFR SOUTH CHINA COAL CONTRACT SWAPS ARE UNDER PRESSURE
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for July deliveries seems to be under pressure this week.&nbs ...
Friday, 15 June 12
CAPESIZE - THE LEVELS THAT DID FIX ARE DOWN W-O-W LEVELS - FEARNLEYS
Handy
Another slow-moving market with rates hovering at same level as last week. US Gulf positions fixed USD 25,000 for trips to Cont/Passero and S ...
Thursday, 14 June 12
SMALLER DRY BULK CARRIERS LIKELY TO FACE MORE CHALLENGES; DEMOLITION ACTIVITY SET FOR RECORD YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest update on the dry bulk markets, BIMCO said that China is partly “failing to deliver” on raw material imports that can affe ...
Wednesday, 13 June 12
LOW COAL PRICES COULD CHANGE SUPPLY SIDE DYNAMICS - FITCH RATINGS
Fitch Ratings believes that the weakness seen in thermal coal prices in recent months should reverse once demand from major importers recovers, alth ...
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- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Australian Coal Association
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- PTC India Limited - India
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
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