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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, 22 March 12
DRY BULK MARKET KEEPS SURGING, CAPESIZES FALLING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In what seems to be an establishing pattern, the dry bulk market has kept its upward momentum, edging closer to the 900 point-mark, but the larger s ...
Wednesday, 21 March 12
BUMA HAS PRODUCED 2.3 MILLION TONS OF COAL IN FEBRUARY 2012
COALspot.com - PT. Delta Dunia Makmur's overburden removal in February 2012 has reached totaled 23.8 million bcm (+2.4% YoY) while coal production ...
Tuesday, 20 March 12
SMALLER DRY BULK VESSELS STILL LEADING DRY BULK MARKET TO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been growing during the past couple of weeks, but contrary to the usual practice, it’s not the larger Capesizes which ...
Monday, 19 March 12
WEEKLY DRY MARKET OVERVIEW: SMALLER VESSELS LEAD RATES HIGHER - MARIA BERTZELETOU, HELLENIC SHIPPING
The upward trend of the Baltic Dry Index persists strong from the end of February, spurred from the supramax market that offsets the weakness in the ...
Sunday, 18 March 12
BUKIT ASAM'S NET PROFIT IN 2011 ROSE 54% TO US$ 339.56 MILLION
COALspot.com - Company revenue for the period January - December 2011 amounting to Rp 10.6 trillion (approximately US$ 1,164,835,164.84) recorded an ...
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- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Australian Coal Association
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
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- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
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- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
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- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
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- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- MS Steel International - UAE
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Minerals Council of Australia
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
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