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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, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
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- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- MS Steel International - UAE
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- White Energy Company Limited
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Planning Commission, India
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
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