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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, 07 May 12
INDONESIAN HBA FALL AGAIN IN MAY 2012
COALspot.com - Indonesian HBA fall again to lowest level since January 2011 in May 2012. The monthly coal reference price for coal sales in Ma ...
Sunday, 06 May 12
INDONESIAN SUB-BITUMINOUS COAL & CFR SOUTH CHINA SWAPS SLIGHTLY DROP THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for June deliveries slightly dropped this week.
According ...
Sunday, 06 May 12
S7 & S8 ROUTES LIKELY TO BE FIRM NEXT WEEK VISTAAR SINGAPORE
COALspot.com - The BDI remained flat this week and was up just by 1 point closing at 1,157 points.
The cape size index was up by 5.14 pct closing ...
Sunday, 06 May 12
EXPORT DUTY ON MINERAL FINALLY TO BECOME EFFECTIVE NEXT WEEK
COALspot.com - Mineral ore exporters of Indonesia ( only IUP holders) are required to obtain recommendation letter from the energy and mineral ...
Friday, 04 May 12
DEMOLITION KEY FOR DRY BULK MARKET RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The overflow of newbuilding vessels which “spilled over” into 2012 from 2011 brought the dry bulk market to a near collapse level at the ...
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- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Planning Commission, India
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- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
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- Borneo Indobara - Indonesia
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- Bangladesh Power Developement Board
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- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
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- Gujarat Sidhee Cement - India
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- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Electricity Authority, New Zealand
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- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
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- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- PTC India Limited - India
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
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- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
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