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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, 08 June 12
MINISTER DENIES COAL EXPORT TAX PLAN, ENDORSES RESTRICTIONS - THE JAKARTA POST
The Jakarta post, one of the leading english news paper in Indonesia reported that, Energy and Mineral Resources Minister Jero Wacik has denied that ...
Thursday, 07 June 12
DRY BULK MARKET FALLS FOR 10 STRAIGHT SESSION ON OVERSUPPLY PROBLEMS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A resurgence of oversupply, coupled with national holidays in various parts of the world has contributed to yet another fall of the dry bulk market ...
Thursday, 07 June 12
COAL EXPORT TAX NOT RATIONAL: MINISTER - THE JAKARTA POST
Trade Minister Gita Wirjawan has criticized as irrational the idea to restrict coal exports by imposing an export tax, According to The Jakarta post ...
Thursday, 07 June 12
BY 2022 PLN IS EXPECTED TO BURN AROUND 125 MILLION TONS OF COAL
COALspot.com - Indonesia's state owned electricity company's (PLN) coal consumption is expected to reach 125.7 million tons by 2012.
Nur Pamudj ...
Wednesday, 06 June 12
INDONESIAN GOVERNMENT'S DECLARED COAL PRICES CONTINUING ITS DECLINE
COALspot.com - Indonesian HBA fell to lowest level since January 2011 in June 2012. The monthly coal reference price for coal sales this month ...
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- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Energy Development Corp, Philippines
- White Energy Company Limited
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Petron Corporation, Philippines
- The University of Queensland
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
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