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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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Thursday, 26 April 12
TAIPOWER TO BUY 1.15 MILLION TONS OF 5000 GAR COAL
COALspot.com - Taiwan Power Company intends to procure 1.125million tons of sub-bituminous coal for Taipower thermal power plant through open tender ...
Thursday, 26 April 12
TAIPOWER TO BUY 375,000 MT OF 4800 GAR COAL
COALspot.com - Taiwan Power Company intends to procure 375,000 metric tons of low sulfur sub-bituminous coal for Taipower thermal power plant ...
Thursday, 26 April 12
ADK SHIPPED 28,000 TONNES OF COAL THIS MONTH
COALspot.com - Orpheus Energy (ASX:OEG) has announced that four coal barges carrying a total of approximately 28,000 tonnes of ADK (Alam Duta K ...
Thursday, 26 April 12
DRY BULK CARRIERS RENTER FLEET AFTER IDLING, ON MARKETS RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market seems to be back on track, not only solidifying the gains of the past couple of weeks, but also racing to new heights, recuperra ...
Thursday, 26 April 12
PANAMAXES AGAIN EARN MORE THAN CAPESIZES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The latest surge of demand for Panamaxes has led the dry bulk market to new higher ground on Monday, with the Baltic Dry Index (BDI) reaching 1,090 ...
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- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
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- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
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- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
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- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
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- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
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- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
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- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
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- Indian Energy Exchange, India
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- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
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- Marubeni Corporation - India
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- Ministry of Finance - Indonesia
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- SN Aboitiz Power Inc, Philippines
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- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
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- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
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- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
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