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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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Tuesday, 12 June 12
ITACHA RESOURCES BUYS SARANA MARINE - INSIDER STORIES
Insider Stories reported that, coal mining company PT Itacha Resources, a joint venture between Anthoni Salim and Glenn Yusuf, announced that Itacha ...
Monday, 11 June 12
BAHANA FORECASTS THE COAL PRICES WILL FALL FURTHER
COALspot.com - Growing US coal supplies + low shipping costs = Asia as target.
According to Irwan Budiarto analyst at Bahana Securities, US ...
Monday, 11 June 12
ASIAN COAL TRADING COMMUNITY EMBRACES API 5 AND API 8
Press Release - The Asian coal trading community is embracing the API 5 and API 8 indexes for its swap contracts.
The API 5 index represents 5,50 ...
Sunday, 10 June 12
FREIGHT MARKET EXPECTED TO REMAIN WEAK FOR NEXT FEW WEEKS - VISTAAR
COALspot.com - The BDI continued to fall this week and down by 2.99 pct closing at 877 points.
The Cape index also was down by 5.78 pct closing a ...
Friday, 08 June 12
ESSAR ENERGY RECEIVES FINAL APPROVAL FOR INDONESIAN COAL BLOCK
COALspot.com - Essar Energy plc, the India-focused integrated energy company, today announced that it has received final ‘Pinjam Pakai’ ...
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- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
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- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
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- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
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- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
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- Bayan Resources Tbk. - Indonesia
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- Goldman Sachs - Singapore
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- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Planning Commission, India
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
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- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
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- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
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- Videocon Industries ltd - India
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- Petron Corporation, Philippines
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- Medco Energi Mining Internasional
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- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Australian Coal Association
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Parliament of New Zealand
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
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- Ambuja Cements Ltd - India
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- Toyota Tsusho Corporation, Japan
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- Chamber of Mines of South Africa
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