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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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Friday, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
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 ...
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- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Parliament of New Zealand
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- White Energy Company Limited
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Economic Council, Georgia
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
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