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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, 18 May 12
KOREA EAST WEST POWER LOOKING FOR TOTAL 2.6 MILLION TONS OF 4600 NAR COAL AT FIXED PRICE FOR 5 YEARS
COALspot.com - Korea East West Power Co., Ltd is inviting bids to supply of 520,000 Metric Tons (per annum) of minimum 4,600 kcal/kg coal of N ...
Friday, 18 May 12
NICKEL ORE CARGOES ARE NOT SEEN IN MARKET ANYMORE DUE TO ON-GOING INDONESIAN BAN - FEARNLEYS AS
Handy
The market remained variable.
Fronthaul voyages both from Baltic and Black Sea paid over USD 18k/day. From USG to Cont tonnage would get ...
Thursday, 17 May 12
COAL MINERS OPPOSE EXPORT TAX, SUGGEST OUTPUT QUOTA - THE JAKARTA POST
The Jakarta Post reported that, coal miners have suggested that the government apply a production quota instead of implementing an export tax in ord ...
Thursday, 17 May 12
DRY BULK MARKET STILL LOOKING FOR NEW DIRECTION - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept on moving sideways during this week, with the mixed performance across all segments. Yesterday, the industry’s be ...
Tuesday, 15 May 12
POTENTIAL BOOM OF CHINAS COAL IMPORTS COULD PROVIDE FURTHER SUPPORT TO DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been moving sideways during the past week with the industry’s benchmark, the Baltic Dry Index (BDI) losing 0.53% on th ...
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Showing 4726 to 4730 news of total 6871 |
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- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- PTC India Limited - India
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
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