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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, 13 August 21
INDONESIA’S COAL EXPORTS TO JAPAN DECLINED BY -26.3% YOY TO 11.9 MLN TONNES IN THE FIRST 7 MONTHS OF 2021; STILL THE SECOND LARGEST SOURCE FOR JAPAN’S COAL IMPORTS IS INDONESIA - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. Total global loadings in the 12 months of 2020 were down -12.7% year-on-yea ...
Thursday, 12 August 21
ONLY 3 VLCCS SOLD FOR DEMOLITION IN 2021 AS SECONDHAND PRICES TEMPT - BIMCO
During the first seven months of 2021, only three actively trading Very Large Crude Carriers (VLCCs) have been sold for demolition. The current mar ...
Wednesday, 11 August 21
U.S: EIA EXPECTS COAL EXPORTS TO TOTAL 90 MMST IN 2021, 30% INCREASE FROM 2020
Coal production in EIA's forecast totals 607 million short tons (MMst) in 2021, an increase of 13% over 2020.
EIA is also ...
Wednesday, 11 August 21
MARKET INSIGHT - INTERMODAL
Energy is at the core of the global climate dialogue as the climate challenge is essentially an energy challenge. Policy experts around the world a ...
Tuesday, 10 August 21
34 INDONESIAN COAL COMPANIES TEMPORARILY BANNED FOR COAL EXPORTS
The Ministry of Energy and Mineral Resources (ESDM) has imposed sanctions in the form of a coal export ban for 34 coal companies as reported by CNB ...
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- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Planning Commission, India
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
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