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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, 08 March 12
INDONESIA'S COAL SECTOR CAN BENEFIT FROM CLEARER REGULATIONS - FITCH RATINGS
Fitch Ratings says Indonesia's coal mining sector should continue to see strong growth prospects but can benefit from clearer and more predictable ...
Thursday, 08 March 12
DRY BULK MARKET ON THE RISE; CHINAS COAL IMPORTS COULD INCREASE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept on rising back to healthier levels yesterday, with the BDI (Baltic Dry Index) the industry’s benchmark, marking its 8 ...
Wednesday, 07 March 12
INDONESIA COAL BENCHMARK PRICE GAINS FOR SECOND MONTH
COALspot.com - Indonesia raised the monthly coal reference price for sales in March by 1.15 percent, the second increase since February.
The Mini ...
Wednesday, 07 March 12
INDONESIA TO LIMIT FOREIGN OWNERSHIP IN MINES TO 49 PERCENT WITHIN 10 YEARS OF PRODUCTION
COALspot.com - Foreign holders of mining licenses in Indonesia have to divert 51% of their stakes to Indonesian government or domestic entitie ...
Wednesday, 07 March 12
ASSESS ASIAS POTENTIAL, DEVELOPMENTS AND APPETITE FOR SHALE AT SHALE GAS SUMMIT
Press Release - Assess Asia’s Potential, Developments and Appetite for Shale at Shale Gas Summit on 23-24 Apr, 2012 in Beijing
China is rep ...
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- PTC India Limited - India
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
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- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
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- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
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- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
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- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
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- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Ministry of Mines - Canada
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- The University of Queensland
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
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- Aditya Birla Group - India
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