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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, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Australian Coal Association
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- The University of Queensland
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
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