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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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- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- India Bulls Power Limited - India
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
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