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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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Sunday, 11 July 21
COAL SHOWS ITS STAYING POWER AS ECONOMIES BOUNCE BACK - THE WALL STREET JOURNAL
Coal use is surging in some of the world’s largest economies as electricity demand rebounds from the pandemic, illustrating the challenges to ...
Sunday, 11 July 21
ROBUST CHINA COAL DEMAND AMID AUSTRALIA IMPORT BAN FUELS PRICE RALLY - REUTERS
Seaborne coal has become a quiet winner among energy commodities, lacking the attention of higher-profile crude oil and liquefied natural gas (LNG) ...
Saturday, 10 July 21
OVERESTIMATED LCOES OF COAL-FIRED POWER PLANTS CREATE A FINANCIAL BUBBLE - IEEFA
Massive stranded asset risk detrimentally affects the financial and power distribution
India’s future coal-fired power project pipeline ...
Friday, 09 July 21
EIA FORECASTS COAL’S GENERATION SHARE IN U.S TO RISE FROM 20% IN 2020 TO 24% THIS YEAR BUT TO FALL TO 22% NEXT YEAR
The July Short-Term Energy Outlook (STEO) of EIA remains subject to heightened levels of uncertainty related to the ongoing economic recovery from ...
Friday, 09 July 21
KOREA SOUTH-EAST POWER CO., LTD. INVITES BIDS FOR 1.86 MILLION TONS OF COAL OF 5600 & 4000 NCV COAL FOR THREE YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 280,000 – 300,000 MT of Min. ...
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- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- PTC India Limited - India
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
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