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Friday, 01 June 12
ADARO BUYS MAJORITY STAKE IN AFFILIATED BHAKTI ENERGI - INSIDER STORIES
 Insider Stories reported that, PT Adaro Energy Tbk entered into an option to provide a convertible loan of up to US$500 million for a period of 3 years (referred to below as Option One), to acquire a controlling interest in an affiliated coal miner PT Bhakti Energi Persada (BEP) and an option, to acquire the majority shares from the controlling shareholders of BEP (referred to below as Option Two, and, together with Option One are referred to as Options or Option Agreements).
Adaro Energy will have full control of the management, operations and all the funding of BEP from the date of the signing of the Options.
“We are delighted with the BEP Options we have signed. We feel BEP has excellent potential to help us achieve our main goal of generating substantial sustainable long-term value from Indonesian coal," said President Director Garibaldi Thohir at Adaro in a press statement yesterday filed to Indonesia Stock Exchange.
Adaro also worked for 2 years to negotiate a deal that is structured in a unique way to minimize risk to Adaro. "While we are excited with the BEP opportunity, we must also emphasize that we will use our best judgment before injecting any funds to develop the asset.”
Key success factors such as market readiness, receiving required permits from the government, land availability, social and community support, and completing engineering and geological studies must first be in place before any large capital expenditures will be deployed. “Our investors should not have the perception that once the Options are signed, we will immediately deploy capital to fund BEP. We are entering into these Options to properly assess an opportunity, while minimizing the risk to Adaro’s capital. We want to ensure both the acquisition risks and the execution risks are addressed well in advance.”
BEP, which was established in 2002, owns seven low grade thermal coal licenses in the District of Muara Wahau, East Kutai Regency, East Kalimantan. BEP also owns two transport businesses in East Kalimantan, which own the hauling road that will be used to transport BEP’s coal to the seashore. The seven concessions form one very large contiguous thermal coal deposit. SRK Consulting (Australasia) Pty Ltd (“SRK”) estimated BEP’s concessions to have JORC compliant total resources of 9.53 billion tonnes.
In 2010, Adaro Energy hired Marston, an international mining consultant firm out of St Louis Missouri, USA, to conduct a mining and development study, which verified certain technical assumptions used by SRK in their 2008 and 2009 JORC resource reports. Marston’s estimate of insitu coal tonnages was essentially the same as the SRK estimate as the difference was within acceptable limits.
Option One provides Adaro the option to lend up to US$500 million to acquire 51% equity in BEP over a period of 3 years.
Adaro can make a decision to convert the loan into equity at the end of the 3 year period. Option two also has a 3 year maturity and was signed with PT Persada Capital Investama (PCI), PT Triputra Investindo Arya (TIA), and the descendants of the late Mr. Winarto. PCI and TIA each have a 30.787% stake in BEP and combined with the 18.216% Winarto family stake, own 79.8% of the equity of BEP.
Option two provides Adaro a right to acquire shares held by the controlling shareholders of BEP (together holding 79.8% shares in BEP) in exchange for 2,381.7 million shares of Adaro Energy. Both Options are only options for Adaro and not its obligations.
In June 2011, in an unrelated transaction, Adaro Energy acquired 10.22% of BEP for US$66 million from third party minority holders.
Source: Insider Stories
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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Australian Coal Association
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- PTC India Limited - India
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
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