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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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Saturday, 17 March 12
THE FREIGHT RATES FOR INDONESIA TO INDIA REMAINED FIRM - VISTAAR SINGAPORE
COALspot.com - The market continued to be firm and all segments were up except for Cape Index which was down by 2.46 pct closing at 1,466 points.
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Saturday, 17 March 12
INDIAN GOVT FINALIZES DRAFT BILL FOR COAL REGULATOR - PTI
The coal sector would soon get a regulator as the government has finalised a draft bill for the purpose, Coal Minister Sriprakash Jaiswal said Wedne ...
Friday, 16 March 12
THE PACIFIC MARKET IS FIRMING UP - FEARNLEYS AS
Handy
A slightly positive trend was seen last week in the Atlantic. Skaw-Passero deliveries fixed around USD 3k to US Gulf, while US Gulf deliveres ...
Thursday, 15 March 12
RAINS AVERAGE SELLING PRICE OF COAL WENT UP BY 22 % IN 2011
COALspot.com - PT. Resource Alam Indonesia Tbk, an Indonesian CCoW (3rd Generation) holder reported Wednesday a 171 percent increase in net profits ...
Thursday, 15 March 12
RESOURCE ALAM FY11 PROFIT UP 171% - INSIDER STORIES
Insider Stories reported that, coal mining company PT Resource Alam Indonesia Tbk (KKGI) reported a 171.16% jump in net profit last year on the back ...
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- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- MS Steel International - UAE
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Economic Council, Georgia
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Parliament of New Zealand
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
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