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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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Sunday, 29 April 12
THE FREIGHT MARKET EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - The BDI continued to go up with the support of Panamax/Supramax and was up by 8.34 pct closing at 1,156 points.
The cape index was ...
Sunday, 29 April 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS FOR MAY 2012 DELIVERY WAS STABLE THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps for May deliveries stable this week, according to DSP of SGX AsiaClear OTC Coal Swaps. In the me ...
Friday, 27 April 12
BUKIT ASAMS NET INCOME UP 14% IN 1Q 2012 (UNAUDITED)
Press Release - PT Bukit Asam (Persero) Tbk, announced the Consolidated Financial Statements and Subsidiaries per 31 March 2012 (Unaudited).
Reve ...
Thursday, 26 April 12
AUSTRALIAS COKAL EXPANDS MET COAL POTENTIAL INTO WEST KALIMANTAN
COALspot.com - Global metallurgical coal group Cokal Limited (Cokal) (ASX:CKA) announced today it has completed the acquisition of 75.2% of PT Silan ...
Thursday, 26 April 12
BUKIT ASAMS 1Q OPERATING PROFIT MARGIN HAS INCREASED BY 6% TO RP. 1 TRILLION
COALspot.com - PT. Bukit Asam (Persero), the Indonesia’s state owned coal miner's 1Q, 2012 revenue has increased by 31% to Rp. 3.02 trillion ...
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- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
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