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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, 27 June 12
DIRECTORATE GENERAL OF MINERAL AND COAL OF INDONESIA INTRODUCES ON-LINE SYSTEM FOR MINING PRODUCTS EXPORT APPROVAL
COALspot.com - Directorate General of Mineral and Coal of Indonesia has released "Clear and Clean" certificate for another 33 coal miners ...
Monday, 25 June 12
RIO TINTO MAKES FIRST COAL SHIPMENT FROM MOZAMBIQUE
Rio Tinto has started exporting premium hard coking coal from its Benga Mine in the Moatize Basin in Mozambique. The first shipment of 34,000 tonnes ...
Sunday, 24 June 12
SUPRAMAX FREIGHT MARKET FIRMED UP FROM INDONESIA TO INDIA - VISTAAR
COALspot.com - This week all the segments gained and marked was firm in the Supramax and Handy size sector, where as the Cape and Panamax inde ...
Saturday, 23 June 12
COAL PRICES APPETITE FOR ROLLER-COASTER RIDES
COALspot.com - SGX AsiaClear OTC Coal Swaps have suffered something of a roller-coaster ride in terms of prices during this week. SGX’s Indone ...
Friday, 22 June 12
PRESENT SPOT WEAKNESS IS TEMPORARY, SEASONAL AND RISE AS WINTER APPROACHES - BUMI
COALspot.com - PT Bumi Resources Tbk, the world’s one of the largest coal producer and Indonesia’s largest multi grade coal miner has no ...
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- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- VISA Power Limited - India
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- The University of Queensland
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
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