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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, 09 August 21
AIIB MAY OFFICIALLY END COAL FINANCING IN 2022 - CHINA DAILY
The Asian Infrastructure Investment Bank may officially rule out coal projects if it updates its energy strategy next year, after shunning funding ...
Monday, 09 August 21
CHINA COAL INVENTORY THINS AMID PEAK POWER DEMAND- STATE MEDIA : REUTERS
China’s coal inventories have dropped to near historic lows since August due to peak summer electricity demand and transportation bottlenecks ...
Wednesday, 04 August 21
THE INDONESIAN COAL PRICE REFERENCE SURGED TO A FRESH RECORD HIGH OF USD 130.99 A TON IN AUGUST 2021
COALspot.com: The Indonesian Coal Price Reference ( HBA) surged to a fresh record high of USD 130.99 a ton in August 2021.
The ...
Wednesday, 04 August 21
MARKET INSIGHT - INTERMODAL
Unlike the Dry Bulk and Container sectors where freight rates have surged into 2021, the tankers market continues to experience lackluster earnings ...
Sunday, 01 August 21
SEABORNE HARD COAL TRADE IN 2020 DECREASED BY 149 MILLION MT, OR 12.1%, TO 1,083 MILLION MT - GERMAN COAL IMPORTERS ASSOCIATION
- Reduced coal-fired power plant fleet secures Germany’s power supply in severe winter of 2020/2021; little wind availability and hence stron ...
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- The Treasury - Australian Government
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
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