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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, 01 June 12
ADARO BUYS MAJORITY STAKE IN AFFILIATED BHAKTI ENERGI - INSIDER STORIES
Insider Stories reported that, PT Adaro Energy Tbk entered into an option to provide a convertible loan of up to US$500 million for a period of 3 ye ...
Thursday, 31 May 12
DRY BULK MARKET UNABLE TO FIND NEW SUPPORT TO REACH HIGHER LEVELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been unable to find new support and recover to higher levels during these past few days. As a result, the Baltic Dry Index ( ...
Wednesday, 30 May 12
ORPHEUS RAISES $2.24M TO ADVANCE INDONESIAN COAL PRODUCTION ASSETS
• $2.24 million raised from a placement to new and existing institutional and sophisticated investors from Australia and overseas
• Funds ...
Wednesday, 30 May 12
ARPENI SECURES TRANSSHIPMENT CONTRACT FROM BARUNA DIRGA
Insider Stories reported that, shipping operator PT Arpeni Pratama Ocean Line Tbk (APOL) has secured a 1-year coal transhipment contract of 4 millio ...
Monday, 28 May 12
COAL EXPORTS ARE JUMPING HIGHER, BUT PRICES ARE FALLING LOWER
COALspot.com: Indonesia, the world largest coal exporter, shipped 31.86* million tons of coal in April 2012, compared to 30.64* million tons i ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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