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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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Friday, 08 June 12
MINISTER DENIES COAL EXPORT TAX PLAN, ENDORSES RESTRICTIONS - THE JAKARTA POST
The Jakarta post, one of the leading english news paper in Indonesia reported that, Energy and Mineral Resources Minister Jero Wacik has denied that ...
Thursday, 07 June 12
DRY BULK MARKET FALLS FOR 10 STRAIGHT SESSION ON OVERSUPPLY PROBLEMS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A resurgence of oversupply, coupled with national holidays in various parts of the world has contributed to yet another fall of the dry bulk market ...
Thursday, 07 June 12
COAL EXPORT TAX NOT RATIONAL: MINISTER - THE JAKARTA POST
Trade Minister Gita Wirjawan has criticized as irrational the idea to restrict coal exports by imposing an export tax, According to The Jakarta post ...
Thursday, 07 June 12
BY 2022 PLN IS EXPECTED TO BURN AROUND 125 MILLION TONS OF COAL
COALspot.com - Indonesia's state owned electricity company's (PLN) coal consumption is expected to reach 125.7 million tons by 2012.
Nur Pamudj ...
Wednesday, 06 June 12
INDONESIAN GOVERNMENT'S DECLARED COAL PRICES CONTINUING ITS DECLINE
COALspot.com - Indonesian HBA fell to lowest level since January 2011 in June 2012. The monthly coal reference price for coal sales this month ...
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- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Planning Commission, India
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Aditya Birla Group - India
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
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