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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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Monday, 04 June 12
MITRABAHTERA SUBSIDIARY SECURES CONTRACT FROM BERAU COAL - INSIDER STORIES
Insider Stories reported that, PT Mitra Alam Segara Sejati, a subsidiary that is 60% owned by PT Mitrabahtera Segara Sejati Tbk (MBSS), has secur ...
Sunday, 03 June 12
TTI ESTABLISHES COAL TRADING & MARKETING OFFICE
COALspot.com - TTI has officially established its coal trading, marketing-office in Jakarta, Indonesia. PT. Gunung Tinggi Coal is the TTI’s fi ...
Sunday, 03 June 12
FREIGHT MARKET CONTINUING ITS DECLINE
COALspot.com - The BDI continued to fall for the fifth straight week and the BDI fell by 2.57 pct this week closing at 904 points.
The Cape Size ...
Friday, 01 June 12
TNPL HAS SECURED 300K MT OF 6000 GAD COAL AT US$ 81 CNF TUTICORIN
COALspot.com - An India based coal trader Adani has offered the lowest price of US$ 81.00 per metric ton for calorific value of 6000 GAD and 15 perc ...
Friday, 01 June 12
COKAL ACCEPTED ON THE CLEAN AND CLEAR LIST FOR ITS BORNEO BARA PRIMA AND BUMI BARITO MINERAL PROJECTS
- Borneo Bara Prima (BBP) Project confirmed on the Clean and Clear List 9th May 2012
- Bumi Barito Mineral (BBM) Project confirmed on the Clean and ...
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Showing 4706 to 4710 news of total 6871 |
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- Latin American Coal - Colombia
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- Gujarat Mineral Development Corp Ltd - India
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- Madhucon Powers Ltd - India
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- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
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- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
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- White Energy Company Limited
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
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- Trasteel International SA, Italy
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- Indonesian Coal Mining Association
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- Leighton Contractors Pty Ltd - Australia
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- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
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- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
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- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
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- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Indian Energy Exchange, India
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- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
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- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
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- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
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- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- The University of Queensland
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- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
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- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
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- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- MS Steel International - UAE
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- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
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- AsiaOL BioFuels Corp., Philippines
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- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
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- Holcim Trading Pte Ltd - Singapore
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- Sindya Power Generating Company Private Ltd
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