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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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Thursday, 26 April 12
TAIPOWER TO BUY 1.15 MILLION TONS OF 5000 GAR COAL
COALspot.com - Taiwan Power Company intends to procure 1.125million tons of sub-bituminous coal for Taipower thermal power plant through open tender ...
Thursday, 26 April 12
TAIPOWER TO BUY 375,000 MT OF 4800 GAR COAL
COALspot.com - Taiwan Power Company intends to procure 375,000 metric tons of low sulfur sub-bituminous coal for Taipower thermal power plant ...
Thursday, 26 April 12
ADK SHIPPED 28,000 TONNES OF COAL THIS MONTH
COALspot.com - Orpheus Energy (ASX:OEG) has announced that four coal barges carrying a total of approximately 28,000 tonnes of ADK (Alam Duta K ...
Thursday, 26 April 12
DRY BULK CARRIERS RENTER FLEET AFTER IDLING, ON MARKETS RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market seems to be back on track, not only solidifying the gains of the past couple of weeks, but also racing to new heights, recuperra ...
Thursday, 26 April 12
PANAMAXES AGAIN EARN MORE THAN CAPESIZES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The latest surge of demand for Panamaxes has led the dry bulk market to new higher ground on Monday, with the Baltic Dry Index (BDI) reaching 1,090 ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Planning Commission, India
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Mercuria Energy - Indonesia
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