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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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Wednesday, 07 March 12
3RD MOZAMBIQUE COAL CONFERENCE
3rd Mozambique Coal Conference
2-4 July 2012 | Joaquim Chissano International Conference Centre , Maputo, Mozambique
http://www.immevents.com/mo ...
Wednesday, 07 March 12
DRY BULK MARKET KEEPS UP TIMID REBOUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept its rising momentum yesterday, rising for the eighth straight session, on the back of renewed demand for smaller bulk c ...
Wednesday, 07 March 12
BUKIT ASAM EYES 39% RISE IN COAL SALES - INSIDER STORIES
Insider Stories reported that, PT Bukit Asam Tbk is scouting a 39% increase in coal sales volume to 18.66 million tons this year from last year with ...
Wednesday, 07 March 12
PETROSEA SEALS US$188 MIO CONTRACT - INSIDER STORIES
Insider Stories reported that, coal mining contractor PT Petrosea Tbk has secured a US$188 million additional contract from its affiliated firm PT S ...
Monday, 05 March 12
SOUTHGOBI ANNOUNCES AGREEMENT TO SELL ITS THERMAL COAL TSAGAAN TOLGOI DEPOSIT FOR US$ 30 MILLION
SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) announced today an agreement to sell its thermal coal property, the Tsagaan Tolgoi Deposit to Modun Re ...
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- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
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