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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, 07 May 12
INDONESIAN HBA FALL AGAIN IN MAY 2012
COALspot.com - Indonesian HBA fall again to lowest level since January 2011 in May 2012. The monthly coal reference price for coal sales in Ma ...
Sunday, 06 May 12
INDONESIAN SUB-BITUMINOUS COAL & CFR SOUTH CHINA SWAPS SLIGHTLY DROP THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for June deliveries slightly dropped this week.
According ...
Sunday, 06 May 12
S7 & S8 ROUTES LIKELY TO BE FIRM NEXT WEEK VISTAAR SINGAPORE
COALspot.com - The BDI remained flat this week and was up just by 1 point closing at 1,157 points.
The cape size index was up by 5.14 pct closing ...
Sunday, 06 May 12
EXPORT DUTY ON MINERAL FINALLY TO BECOME EFFECTIVE NEXT WEEK
COALspot.com - Mineral ore exporters of Indonesia ( only IUP holders) are required to obtain recommendation letter from the energy and mineral ...
Friday, 04 May 12
DEMOLITION KEY FOR DRY BULK MARKET RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The overflow of newbuilding vessels which “spilled over” into 2012 from 2011 brought the dry bulk market to a near collapse level at the ...
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- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- The University of Queensland
- Indonesian Coal Mining Association
- VISA Power Limited - India
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
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