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Wednesday, 04 December 19
FITCH RATINGS: CASH FLOW GENERATION TO SLOW DOWN FOR INDONESIAN COAL MINERS
 Fitch Ratings' negative outlook on the Indonesian coal-mining sector reflects our view of weaker cash flow generation on account of declining coal prices. Fitch has revised down its mid-cycle coal-price assumptions, and expects USD80 and USD73 for Qinghuangdao 5,500kcal/kg and Australia Newcastle 6,000kcal/kg thermal coal, respectively, in 2020 (2019E: USD86 and USD77). We expect capex intensity to remain low for the sector; however, acquisitions might pick up in 2020, leading to higher leverage. Profitability is also likely to remain low, in light of weaker coal prices.
Fitch's stable rating outlook reflects the outlook for the majority of our rated entities: PT ABM Investama Tbk (B+) and Geo Energy Resources Limited (B-) are on Negative Outlook, reflecting the entity-specific weaknesses which could be stretched further in the weaker-coal-price scenario.
According to Fitch Ratings, the impact of lower profitability on credit metrics would be partially offset by volume ramp-up by some entities, such as PT Golden Energy Mines Tbk (B+/Stable) and PT Bayan Resources Tbk (BB-/Stable), where both have adequate reserve lives similar to other bigger players such as PT Adaro Energy (BBB-/Stable) and PT Indika Energy Tbk (BB-/Stable). We expect declining reserves to remain an issue for Geo Energy, which might also trigger a put option of its bonds in the absence of any acquisition. ABM's reserve quality is also deteriorating as reserves from its key mine are likely to fully deplete in the next two to three years.
Fitch Ratings further noted that, regulatory risks remain a potential disrupting factor in Indonesia, but Fitch considers any major changes to regulation as an event risk. We believe the two rated coal-miners - Adaro and Indika - which have their Coal Contracts of Work (CCoW) expiring in 2022 and 2023, respectively, will be able to satisfy the conversion guidelines.
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Friday, 22 November 19
UNCERTAINTY IN THERMAL COAL MARKET PERSISTED IN 3Q19 - ADARO
Uncertainty in thermal coal market persisted in 3Q19, mainly due to the actions, or inactions, of China in setting policies for global coal market. ...
Friday, 22 November 19
CIL TO DEVELOP 55 NEW COAL MINES IN NEXT 5 YEARS: COAL MINISTER
State-owned CIL will develop 55 new coal mines and expand 193 existing ones in the next five years, Parliament was informed. The company is also un ...
Thursday, 21 November 19
4TH DEEP OFFSHORE WEST AFRICA CONGRESS 2020
4th Deep Offshore West Africa Congress 2020
17 Janaury 2020
Accra, Ghana
Press Release: Following the great succ ...
Thursday, 21 November 19
INDONESIA PLANS TO KEEP $70/T COAL PRICE CAP FOR PLN, DMO - REUTERS
Indonesia’s energy minister Arifin Tasrif said his ministry plans to maintain a price cap on coal being sold to state electricity utility, PT ...
Wednesday, 20 November 19
FOREIGN DIRECT INVESTMENTS IN COMMERCIAL COAL MINING IN INDIA? - DIPESH DIPU
In August 2019, Government of India announced its approval for Foreign Direct Investment (FDI) for coal mining, processing and sale. Not that FDI i ...
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- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Australian Coal Association
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Planning Commission, India
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
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