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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, 26 March 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The Baltic Dry Index follows its upward incline for fourth consecutive week by rising to more than 900 points, up by 37% from the bottom low in the ...
Monday, 26 March 12
GOLDEN MINES FY11 REVENUE JUMPS 209% - INSIDER STORIES
Insider Stories reported that, coal miner PT Golden Energy Mines Tbk (GEMS), that is controlled by Sinar Mas Group, recorded a 209% jump in revenue ...
Saturday, 24 March 12
AUSTRALIA'S MINERAL TAX : BENCHMARK FOR OTHER COUNTRIES - SUNIL K KUMBHAT
COALspot.com - Natural resources rich counties like Australia , Indonesia , South Africa , Brazil etc are going through a spectacular resources boom ...
Saturday, 24 March 12
THE AVERAGE CHARTER RATES WAS AT CAPESIZE $ 4,546 PER DAY VS SUPRAMAX / $ 10,819 PER DAY - VISTAAR
COALspot.com - The BDI crossed 900 points this week closing at 908 points up by 3.89 pct. All other sectors were up except for cape index whic ...
Thursday, 22 March 12
ECI-CHINA HANDY RATES ARE AROUND US$ 8000 - FEARNLEYS
Handy
Another positive trend was seen last week with more cargoes entering the market. Skaw-Passero/US Gulf climbed slowly up to USD 3700, while US ...
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- Central Electricity Authority - India
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- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
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- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
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- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Petron Corporation, Philippines
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- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
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- Indian Oil Corporation Limited
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- Romanian Commodities Exchange
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- Wilmar Investment Holdings
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- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
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- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
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- Global Business Power Corporation, Philippines
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- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
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- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
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- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
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- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
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- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
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- Kohat Cement Company Ltd. - Pakistan
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- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
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- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
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- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Planning Commission, India
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
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- Indian Energy Exchange, India
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- Pipit Mutiara Jaya. PT, Indonesia
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- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
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- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
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