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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, 15 April 12
THE SPOT FIXTURE RATES FOR SUPRAMAX IN SE ASIA SAW SOME SOFTENING OF CHARTER RATES - VISTAAR
COALspot.com - The market seem to be holding and except for Supramax and handy size index all other index was up with BDI up by 4.74 pct closing at ...
Friday, 13 April 12
MINERS OPPOSE GOVTS EXPORT TAX PLAN - THE JAKARTA POST
The Jakarta Post reported that, Indonesian mining companies have strongly protested the government’s plan to impose a 25 percent export tax on ...
Friday, 13 April 12
S&P CAUTIONS AGAINST NEW INDONESIAN MINING REGULATIONS - THE JAKARTA GLOBE
The Jakarta Globe reported that, Investors may have expressed concerns about looming new mining regulations, but ratings agency Standard & Poor& ...
Thursday, 12 April 12
FIRST QUARTER OF 2012 SAW AN ADDITIONAL 24.2 MILLION DWT OF DRY BULK CARRIERS ENTERING THE FLEET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The inflow of newbuilt dry bulk vessels was larger than expected in the first quarter of 2012. As much as 24.2 million DWT were added to the fleet. ...
Wednesday, 11 April 12
TWO PERCENT OF IBP CONCESSION CONTAINS 42 MMT OF COAL
COALspot.com - 42.35 million ton of coal found in just 2% of PT Insani Bara Perkasa’s total concession area of 24,477 hectare.
Accord ...
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- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
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- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
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