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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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Monday, 23 August 21
CHINESE COAL PRODUCTION RISES 4.9 PCT IN 1ST 7 MONTHS OF 2021 - NBS
Official figures demonstrated that the Chinese raw coal production surged 4.9 percent annually to 2.26 billion tonnes in the January-July period of ...
Friday, 20 August 21
ARE WE LOOKING AT THE NEXT DRY BULK SUPER CYCLE? IS IT EVEN A CYCLE? - BIMCO
Throughout the first half of the year, talk of a new dry bulk super cycle has been on many lips as commodity prices have soared to multi-year highs ...
Friday, 20 August 21
BIMCO'S SHIPPING NUMBER OF THE WEEK: CHINESE IRON ORE IMPORTS FALL TO 14-MONTH LOW IN JULY - PETER SAND
Chinese iron ore imports fell to 88.5 million tonnes in July, the lowest level since May 2020. The fall in July means that accumulated imports are ...
Friday, 20 August 21
SOARING DEMAND FOR THE WORLD’S LEAST-LIKED COMMODITY SEES THERMAL COAL PRICES JUMP 106% THIS YEAR - CNBC
Soaring electricity demand, infrastructure woes and a surge in global gas prices have triggered an extraordinary rally for the world’s least ...
Friday, 20 August 21
CHINA’S IRON ORE IMPORTS CONTRACTED YEAR-ON-YEAR BY 2% IN 2018 AND GREW YEAR-ON-YEAR BY ONLY 1% IN 2019 - COMMODORE RESEARCH
Examining the last ten years of China’s crude steel output and iron ore imports shows that China’s iron ore imports have stayed r ...
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- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- PTC India Limited - India
- Planning Commission, India
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- MS Steel International - UAE
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Australian Coal Association
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
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