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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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Sunday, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
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- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- White Energy Company Limited
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- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
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- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
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- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
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- Minerals Council of Australia
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- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
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- Binh Thuan Hamico - Vietnam
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