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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, 12 June 12
ITACHA RESOURCES BUYS SARANA MARINE - INSIDER STORIES
Insider Stories reported that, coal mining company PT Itacha Resources, a joint venture between Anthoni Salim and Glenn Yusuf, announced that Itacha ...
Monday, 11 June 12
BAHANA FORECASTS THE COAL PRICES WILL FALL FURTHER
COALspot.com - Growing US coal supplies + low shipping costs = Asia as target.
According to Irwan Budiarto analyst at Bahana Securities, US ...
Monday, 11 June 12
ASIAN COAL TRADING COMMUNITY EMBRACES API 5 AND API 8
Press Release - The Asian coal trading community is embracing the API 5 and API 8 indexes for its swap contracts.
The API 5 index represents 5,50 ...
Sunday, 10 June 12
FREIGHT MARKET EXPECTED TO REMAIN WEAK FOR NEXT FEW WEEKS - VISTAAR
COALspot.com - The BDI continued to fall this week and down by 2.99 pct closing at 877 points.
The Cape index also was down by 5.78 pct closing a ...
Friday, 08 June 12
ESSAR ENERGY RECEIVES FINAL APPROVAL FOR INDONESIAN COAL BLOCK
COALspot.com - Essar Energy plc, the India-focused integrated energy company, today announced that it has received final ‘Pinjam Pakai’ ...
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- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
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- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- PTC India Limited - India
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
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