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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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Sunday, 29 April 12
THE FREIGHT MARKET EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - The BDI continued to go up with the support of Panamax/Supramax and was up by 8.34 pct closing at 1,156 points.
The cape index was ...
Sunday, 29 April 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS FOR MAY 2012 DELIVERY WAS STABLE THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps for May deliveries stable this week, according to DSP of SGX AsiaClear OTC Coal Swaps. In the me ...
Friday, 27 April 12
BUKIT ASAMS NET INCOME UP 14% IN 1Q 2012 (UNAUDITED)
Press Release - PT Bukit Asam (Persero) Tbk, announced the Consolidated Financial Statements and Subsidiaries per 31 March 2012 (Unaudited).
Reve ...
Thursday, 26 April 12
AUSTRALIAS COKAL EXPANDS MET COAL POTENTIAL INTO WEST KALIMANTAN
COALspot.com - Global metallurgical coal group Cokal Limited (Cokal) (ASX:CKA) announced today it has completed the acquisition of 75.2% of PT Silan ...
Thursday, 26 April 12
BUKIT ASAMS 1Q OPERATING PROFIT MARGIN HAS INCREASED BY 6% TO RP. 1 TRILLION
COALspot.com - PT. Bukit Asam (Persero), the Indonesia’s state owned coal miner's 1Q, 2012 revenue has increased by 31% to Rp. 3.02 trillion ...
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- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Economic Council, Georgia
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Planning Commission, India
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- MS Steel International - UAE
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Australian Coal Association
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
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