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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, 01 June 12
ADARO BUYS MAJORITY STAKE IN AFFILIATED BHAKTI ENERGI - INSIDER STORIES
Insider Stories reported that, PT Adaro Energy Tbk entered into an option to provide a convertible loan of up to US$500 million for a period of 3 ye ...
Thursday, 31 May 12
DRY BULK MARKET UNABLE TO FIND NEW SUPPORT TO REACH HIGHER LEVELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been unable to find new support and recover to higher levels during these past few days. As a result, the Baltic Dry Index ( ...
Wednesday, 30 May 12
ORPHEUS RAISES $2.24M TO ADVANCE INDONESIAN COAL PRODUCTION ASSETS
• $2.24 million raised from a placement to new and existing institutional and sophisticated investors from Australia and overseas
• Funds ...
Wednesday, 30 May 12
ARPENI SECURES TRANSSHIPMENT CONTRACT FROM BARUNA DIRGA
Insider Stories reported that, shipping operator PT Arpeni Pratama Ocean Line Tbk (APOL) has secured a 1-year coal transhipment contract of 4 millio ...
Monday, 28 May 12
COAL EXPORTS ARE JUMPING HIGHER, BUT PRICES ARE FALLING LOWER
COALspot.com: Indonesia, the world largest coal exporter, shipped 31.86* million tons of coal in April 2012, compared to 30.64* million tons i ...
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- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Australian Coal Association
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- The University of Queensland
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
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