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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$66 million from third party minority holders.
Source: Insider Stories
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Friday, 09 July 21
CAN WE EXPECT AFFORDABLE POWER SUPPLY BY REPLACING COAL BASED POWER WITH LNG? - FINANCIAL EXPRESS
Bangladesh government’s recent decision to cancel the contracts for 10 coal fired power plants in late June 2021 has invited interest in the ...
Thursday, 08 July 21
STRONGEST HALF YEAR FOR SHIPPING MARKETS SINCE 2008 - CLARKSONS
A year on from peak trade disruption, we update our half year report for the shipping industry profiling a strong recovery and some exceptional ind ...
Tuesday, 06 July 21
INDONESIA COAL PRICE REFERENCE RISES TO 112 MONTHS HIGH IN JULY 2021; 121.15% HIGHER COMPARED TO THAT IN JULY 2020 PRICE
COALspot.com: The Indonesia coal price reference for July 2021 fixed at US$ 115.35 per ton FOB vessel.
The Indonesia coal price referenc ...
Tuesday, 06 July 21
INDONESIAN COAL EXPORTS FELL BY 37% YOY IN 1Q21 DUE TO ADVERSE WEATHER CONDITIONS - FITCH RATINGS
Chinese coal imports declined by 25% yoy in 5M21as a result of both restrictions on Australian coal and the high base in 2020. Import volume in Jan ...
Tuesday, 06 July 21
INDONESIAN 4,200 INDEX HAS ALSO INCREASED TO OVER USD50 PER TONNE SINCE MAY THIS YEAR REFLECTING STRONG CHINESE IMPORT DEMAND - FITCH RATINGS
Price Surge Since March
APAC thermal coal has resumed its price surge since March this year. The benchmark Newcastle 6,000kcal/kg grade c ...
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- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- ASAPP Information Group - India
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
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