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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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Friday, 02 December 22
INDONESIAN COAL PRICE REFERENCE PLUNGE TOWARD US$ 281.48 A TON AS DEMAND DROPS WORLDWIDE
COALspot.com: The cost of coal is falling so fast that it is beginning to put real money back in the pockets of end-users.
Indonesia ...
Wednesday, 30 November 22
INDONESIA’S BUMI RESOURCES TARGETS 2023 COAL OUTPUT OF 80 MLN TONNES - REUTERS
Indonesian coal miner PT Bumi Resources Tbk BUMI.JKis eyeing a 10% increase in output to 80 million tonnes next year amid expectations for more fav ...
Wednesday, 30 November 22
TANKERS: LONGER HAULS TO SUPPORT CONTINUED STRENGTH - BIMCO
Highlights
A rebound in the dirty tanker trade has led the Baltic Exchange Dirty Index (BDTI) to increase by 64% since our last report from mid ...
Wednesday, 30 November 22
MARKET INSIGHT - INTERMODAL
Shipping, although a conservative and innovation adverse industry, is currently in a transition period of digital transformation. According to a su ...
Tuesday, 29 November 22
INDIA TO RECEIVE FIRST LNG CARGO FROM INDONESIA’S TANGGUH LNG - REUTERS
India will receive its first cargo from Indonesia’s Tangguh liquefied natural gas (LNG) plant at the Dahej terminal on Monday, according to a ...
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- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Latin American Coal - Colombia
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- The University of Queensland
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
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