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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, 05 March 12
SOME RESOURCE TITANS NOT THRILLED WITH INDONESIAN EXPORT BAN - THE JAKARTA GLOBE
The Jakarta Globe reported that, local representatives of major business associations in East Kalimantan have protested a government regulation that ...
Monday, 05 March 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
An air of optimism poured in the market this week for dry bulk shippers with the Baltic Dry Index recording daily gains during the end of February b ...
Sunday, 04 March 12
SE ASIA WAS FIRM FOR TRIPS TO INDIA AND CHINA - VISTAAR
COALspot.com - This week saw another upward trend with all indices up and generally market was firm.
The BDI was up by 7.38 pct closing at 771 po ...
Friday, 02 March 12
DJMBP HAS ANNOUNCED SECOND BATCH OF CLEAR N CLEAN CERTIFIED MINERS
COALspot.com - The Directorate general of mineral & coal of Indonesia has announced second batch of companies who have passed IUP Clear and Clea ...
Thursday, 01 March 12
BUKIT ASAM TARGETS EUROPEAN INVESTORS
COALspot.com - PT. Bukit Asam (persero) Tbk, Indonesian state owned coal miner is planning to conduct road show in Europe next week to target at Eur ...
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- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- London Commodity Brokers - England
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
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