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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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Thursday, 26 January 23
AUSTRALIA'S CORONADO GLOBAL SEES COAL PRICES RISING ON RESUMING CHINA IMPORTS - REUTERS
Australia’s Coronado Global Resources said on Tuesday resuming metallurgical coal imports to China would likely push sea-borne coal prices hi ...
Monday, 23 January 23
CHINA'S MAJOR COAL-PRODUCING PROVINCE ACCELERATES DIGITAL TRANSFORMATION - XINHUA
At Chindata Group’s big-data industrial park in Lingqiu County of Datong City, hundreds of thousands of servers are running round-the-clock t ...
Monday, 23 January 23
CHINA'S COAL-RICH PROVINCE SEES COAL PRODUCTION INCREASE IN 2022 - XINHUA
North China’s coal-rich province of Shanxi saw its coal production hit 1.31 billion tonnes in 2022, up 8.7 percent year on year, local author ...
Wednesday, 18 January 23
MARKET INSIGHT - INTERMODAL
From Feb 5, another price cap will be introduced to Russian fuels and oil products, adding to the one for crude oil, already in place from Dec. 3. ...
Tuesday, 17 January 23
FRAUD IS THE BIGGEST THREAT TO CARGO LOSSES - TT CLUB
The almost exclusive use of online facilities to process business transactions allows a myriad of fraudulent pursuits to find opportunities within ...
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- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- White Energy Company Limited
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- PTC India Limited - India
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- The University of Queensland
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
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