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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, 12 March 12
DRY BULK RATES WILL REMAIN LOW IN 2012 SAYS DANISH SHIP FINANCE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its annual shipping survey Danish Ship Finance said that the current outlook for the Dry Bulk market seems unlikely to foster higher rates in any ...
Monday, 12 March 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The first days of March appear to be more encouraging for dry bulk operators, but the outlook is still gloomy for the rest of year with earnings for ...
Sunday, 11 March 12
FREIGHT RATES FOR INDONESIA TO INDIA WILL CONTINUE TO REMAIN FIRM- VISTAAR
COALspot.com - This week saw another upward trend with all indices up except for the Cape index.
The BDI was up by 6.87 pct closing at 824 points ...
Friday, 09 March 12
MINING IN INDONESIA: RESTRICTION ON FOREIGN INVESTMENT - SUNIL K KUMBHAT
COALspot.com - Recently Govt has passed regulation instructing foreign mining companies to reduce their ownership stake.
The regulation known as ...
Friday, 09 March 12
SHIP OWNERS LOOKING TO CHINA FOR REVIVAL, WHILE THEY KEEP SELLING OLD SHIPS FOR SCRAP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With China’s economic policy plan for the future on every ship owner’s mind, at least those involved in the dry bulk industry, the lates ...
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Showing 4811 to 4815 news of total 6871 |
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- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Minerals Council of Australia
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
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