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Tuesday, 13 December 22
STRONG COAL PRICES SUPPORT ROBUST EARNINGS AT INDONESIAN COAL MINERS - FITCH RATINGS
 Fitch Ratings expects cash flow generation at Indonesian coal miners to remain strong in 2023, based on its forecast for coal prices to remain high, even as they moderate from unprecedented levels in 2022. This should keep net leverage at manageable levels for most Fitch-rated entities, supporting adequate rating headroom.
We forecast the sector’s median EBITDA-based net leverage to remain low at 0.5x in 2023 (2022: 0.3x), underpinned by strong earnings, with coal prices staying above pre-2022 levels. Cash outlays are likely to be driven by diversification-related investments, with some miners initiating projects to move away from thermal coal amid investors’ heightened ESG concerns and tightening funding access. Nevertheless, most entities have sufficient cash buffers to support these investments. We expect capex requirements at most entities, except at PT ABM Investama Tbk (B+/Stable), to remain low, as none have major growth plans.
We also expect entities with a high accumulated cash balance to continue bond buy backs over the next 12 months, taking advantage of price discounts on their bonds to reduce debt and interest expenses. We believe the buy backs will lower refinancing requirements and improve companies’ financial flexibility amid the sector’s evolving funding access due to environmental considerations.
Source: Fitch Ratings
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Tuesday, 09 November 21
ASIA-PACIFIC IS HOME TO SOME OF THE WORLD'S LARGEST CARBON-EMITTERS - 2 CHARTS SHOW ITS RELIANCE ON COAL - CNBC
Asia-Pacific is home to some of the world’s largest carbon emitters — and experts say much of global efforts to fight climate change de ...
Tuesday, 09 November 21
CHINA DAILY COAL OUTPUT HITS MULTI-YEAR PEAK, PRICES EXPECTED TO FALL - REUTERS
China’s daily coal output hit 11.93 million tonnes last week, a multi-year high as more capacity returned to operation, the state planner sai ...
Thursday, 04 November 21
CHINA'S COAL MARKET SEES SIGNIFICANT IMPROVEMENTS: NDRC - GLOBAL TIMES
China’s top economic planner has declared initial success in its efforts to ensure coal supply and stabilize prices, saying that daily coal o ...
Thursday, 04 November 21
CHINA THERMAL COAL PRICES RISE AFTER FALLING FOR 10 DAYS - REUTERS
China thermal coal futures rebounded on Wednesday after falling for 10 days on an expected jump in fuel demand to meet heating needs amid forecasts ...
Thursday, 04 November 21
FASTER DECARBONISATION: BACK TO BASICS FOR THE MINING INDUSTRY? - WOOD MACKENZIE
To the uninitiated, rugby is a technical and complicated game. As young schoolboys it was all a wee bit confusing and we invariably ended up on the ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Planning Commission, India
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Ministry of Mines - Canada
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
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