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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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Wednesday, 25 April 12
CHINA IMPORTS 9.76 MMT AND INDIA IMPORTS 7.03 MMT OF INDONESIAN COAL LAST MONTH
COALspot.com: Indonesia, the world largest coal exporter, shipped 30.64* million tons of coal in March 2012, compared to 27.12* million tons i ...
Monday, 23 April 12
ALTURA ENTERS INTO AGREEMENT TO ACQUIRE 2 COAL PROJECTS IN SOUTH KALIMANTAN
COALspot.com - Altura Mining Limited (ASX: AJM) has announced that it has entered into an agreement to acquire a further two (2) Mining Permits (IUP ...
Sunday, 22 April 12
THE FREIGHT MARKET EXPECTED TO REMAIN FIRM NEXT WEEK - VISTAAR
COALspot.com - The BDI has broken the psychological barrier of 1000 points and closed at 1067 points.
The cape index was slightly down by 2.48 pc ...
Saturday, 21 April 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS DROP 2.61 PERCENT THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps fell for a fifth day, according to DSP of SGX AsiaClear OTC Coal Swaps.
CFR South China Coal ...
Friday, 20 April 12
PANAMAXES LEAD DRY BULK MARKET TO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A rebound of demand for smaller dry bulk carriers has led the industry’s benchmark, the BDI (Baltic Dry Index) above the 1,000-point mark for ...
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- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- The University of Queensland
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
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