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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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Monday, 04 June 12
MITRABAHTERA SUBSIDIARY SECURES CONTRACT FROM BERAU COAL - INSIDER STORIES
Insider Stories reported that, PT Mitra Alam Segara Sejati, a subsidiary that is 60% owned by PT Mitrabahtera Segara Sejati Tbk (MBSS), has secur ...
Sunday, 03 June 12
TTI ESTABLISHES COAL TRADING & MARKETING OFFICE
COALspot.com - TTI has officially established its coal trading, marketing-office in Jakarta, Indonesia. PT. Gunung Tinggi Coal is the TTI’s fi ...
Sunday, 03 June 12
FREIGHT MARKET CONTINUING ITS DECLINE
COALspot.com - The BDI continued to fall for the fifth straight week and the BDI fell by 2.57 pct this week closing at 904 points.
The Cape Size ...
Friday, 01 June 12
TNPL HAS SECURED 300K MT OF 6000 GAD COAL AT US$ 81 CNF TUTICORIN
COALspot.com - An India based coal trader Adani has offered the lowest price of US$ 81.00 per metric ton for calorific value of 6000 GAD and 15 perc ...
Friday, 01 June 12
COKAL ACCEPTED ON THE CLEAN AND CLEAR LIST FOR ITS BORNEO BARA PRIMA AND BUMI BARITO MINERAL PROJECTS
- Borneo Bara Prima (BBP) Project confirmed on the Clean and Clear List 9th May 2012
- Bumi Barito Mineral (BBM) Project confirmed on the Clean and ...
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Showing 4706 to 4710 news of total 6871 |
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- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- The University of Queensland
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
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