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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, 23 May 23
INDIA: COAL OUTPUT UP 8.9%, SUPPLY RISES 11.7% IN APRIL - FINANCIAL EXPRESS
India’s coal production jumped 8.85% to 73.14 million tonne (MT) in April 2023 and the total coal despatch during the month went up 11.66% to ...
Tuesday, 23 May 23
CHINA COAL OUTPUT UP 4.5 PCT IN APRIL - XINHUA
China’s raw coal output posted stable expansion in April, official data showed.
The country produced 380 million tonnes of raw ...
Saturday, 20 May 23
NON-OPEC OIL SUPPLY DEVELOPMENT - OPEC
In 2022, non-OPEC supply is estimated to have increased by 1.9 mb/d y-o-y. Out of this, US liquids production increased by 1.2 mb/d, mainly on the ...
Saturday, 20 May 23
GLOBAL COAL TRADE HAS REALLY PICKED UP PACE IN RECENT MONTHS, NOW FULLY BACK TO PRE-COVID LEVELS - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels. In Jan-Apr 2023, total global seaborne coa ...
Saturday, 20 May 23
MARKET INSIGHT - INTERMODAL
India is one of the world's largest coal producers and one of the world's largest importers of coal. The country uses coal mainly for power ...
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Showing 101 to 105 news of total 6871 |
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- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Parliament of New Zealand
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
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