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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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Wednesday, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
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Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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Showing 21 to 25 news of total 6871 |
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- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Planning Commission, India
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Petron Corporation, Philippines
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
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