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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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Wednesday, 25 April 12
CHINA IMPORTS 9.76 MMT AND INDIA IMPORTS 7.03 MMT OF INDONESIAN COAL LAST MONTH
COALspot.com: Indonesia, the world largest coal exporter, shipped 30.64* million tons of coal in March 2012, compared to 27.12* million tons i ...
Monday, 23 April 12
ALTURA ENTERS INTO AGREEMENT TO ACQUIRE 2 COAL PROJECTS IN SOUTH KALIMANTAN
COALspot.com - Altura Mining Limited (ASX: AJM) has announced that it has entered into an agreement to acquire a further two (2) Mining Permits (IUP ...
Sunday, 22 April 12
THE FREIGHT MARKET EXPECTED TO REMAIN FIRM NEXT WEEK - VISTAAR
COALspot.com - The BDI has broken the psychological barrier of 1000 points and closed at 1067 points.
The cape index was slightly down by 2.48 pc ...
Saturday, 21 April 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS DROP 2.61 PERCENT THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps fell for a fifth day, according to DSP of SGX AsiaClear OTC Coal Swaps.
CFR South China Coal ...
Friday, 20 April 12
PANAMAXES LEAD DRY BULK MARKET TO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A rebound of demand for smaller dry bulk carriers has led the industry’s benchmark, the BDI (Baltic Dry Index) above the 1,000-point mark for ...
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- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- PTC India Limited - India
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
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