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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, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
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- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
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