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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, 18 May 12
KOREA EAST WEST POWER LOOKING FOR TOTAL 2.6 MILLION TONS OF 4600 NAR COAL AT FIXED PRICE FOR 5 YEARS
COALspot.com - Korea East West Power Co., Ltd is inviting bids to supply of 520,000 Metric Tons (per annum) of minimum 4,600 kcal/kg coal of N ...
Friday, 18 May 12
NICKEL ORE CARGOES ARE NOT SEEN IN MARKET ANYMORE DUE TO ON-GOING INDONESIAN BAN - FEARNLEYS AS
Handy
The market remained variable.
Fronthaul voyages both from Baltic and Black Sea paid over USD 18k/day. From USG to Cont tonnage would get ...
Thursday, 17 May 12
COAL MINERS OPPOSE EXPORT TAX, SUGGEST OUTPUT QUOTA - THE JAKARTA POST
The Jakarta Post reported that, coal miners have suggested that the government apply a production quota instead of implementing an export tax in ord ...
Thursday, 17 May 12
DRY BULK MARKET STILL LOOKING FOR NEW DIRECTION - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept on moving sideways during this week, with the mixed performance across all segments. Yesterday, the industry’s be ...
Tuesday, 15 May 12
POTENTIAL BOOM OF CHINAS COAL IMPORTS COULD PROVIDE FURTHER SUPPORT TO DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been moving sideways during the past week with the industry’s benchmark, the Baltic Dry Index (BDI) losing 0.53% on th ...
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- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- VISA Power Limited - India
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Planning Commission, India
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
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