We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Monday, 27 February 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The pessimism in the dry market persists with the Baltic Dry Index still trying to find a steady pace of growth and average time charter earnings fo ...
Sunday, 26 February 12
THE FREIGHT RATES FOR INDONESIA TO INDIA IS LIKELY TO BE FIRM FOR NEXT 2/3 WEEKS - VISTAAR
COALspot.com – “There was not much change in the BDI and other indices this week except for the Panamax which was down by 11.91 pc ...
Friday, 24 February 12
DRY BULK MARKET POSTS FIRST REBOUND IN A WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As was expected since mid-week, the dry bulk market's benchmark, the BDI (Baltic Dry Index) has managed to put a stop in a 6-day losing rally, endi ...
Thursday, 23 February 12
2.5 PANAMAX VESSELS PER AVAILABLE CARGO FOR MARCH DATES - FEARN BULK
Handy
Another depressing week for Supras in both basins. Lack of fresh business and over-supply of tonnage in the Atlantic pushed rates south. Cont ...
Wednesday, 22 February 12
RAW COMMODITY EXPORT BAN SPARKS SMELTER BUILDING BOOM IN INDONESIA ANTARA / THE JAKARTA GLOBE
Antara / The Jakarta Globe reported that, as the government gears up to ban all exports of unprocessed commodities, Indonesia will see 12 new ...
|
|
|
Showing 4836 to 4840 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- White Energy Company Limited
- The University of Queensland
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Australian Coal Association
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Planning Commission, India
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
|
| |
| |
|
