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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, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- The University of Queensland
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Australian Coal Association
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Planning Commission, India
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
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