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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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Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Australian Coal Association
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
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