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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, 16 April 23
CHINA JUGGLES FOUR MAJOR ECONOMIC CHANGES IN 2023 - WOOD MACKENZIE
Change is afoot in China. Economic growth is slowing, while rising political tensions between China and the US, coupled with global supply chain re ...
Sunday, 16 April 23
CHINA'S MARCH COAL IMPORTS JUMP TO 3-YEAR HIGH - REUTERS
China’s coal imports surged in March to their highest in any month over the past three years as utilities increased purchases on expectations ...
Sunday, 16 April 23
OPEC KEEPS WORLD OIL DEMAND GROWTH OUTLOOK UNCHANGED
The OPEC Reference Basket (ORB) declined in March by $3.43, or 4.2%, m-o-m to average $78.45/b. The ICE Brent first-month contract fell by $4.33, o ...
Sunday, 16 April 23
CHEAPER SPOT LNG PRICES TEMPT SOME ASIAN BUYERS AMID SUPPLY GAINS - REUTERS
Cheaper spot prices for liquefied natural gas (LNG) are luring price-sensitive buyers back in Asia, with China and India recording rising imports i ...
Tuesday, 11 April 23
COAL USE CLIMBS WORLDWIDE DESPITE PROMISES TO SLASH IT - AAP
The burning of coal for electricity, cement, steel and other uses went up in 2022 despite global promises to phase down the fuel that is the bigges ...
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- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Australian Coal Association
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
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