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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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Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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Showing 46 to 50 news of total 6871 |
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- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Bhatia International Limited - India
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Australian Coal Association
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
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