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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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Thursday, 01 July 21
WHY INDIA’S SOLAR POWER TARIFFS ARE CLIMBING AFTER HITTING RECORD LOWS LAST YEAR - IEEFA
What’s behind the recent increase?
Solar tariffs are deflationary. Prices have fallen by 75% in seven years in India, and in 2 ...
Thursday, 01 July 21
END TO COAL POWER BROUGHT FORWARD TO OCTOBER 2024
Press Release: The deadline to phase out coal from Great Britain's energy system has been brought forward by a whole year, highlighting the UK& ...
Thursday, 01 July 21
WHY BUILD 600 NEW UNPROFITABLE COAL PLANTS? - DEUTSCHE WELLE
Governments in Asia are planning 600 new coal plants that could lose investors $150 billion and derail efforts to limit temperature rise in line wi ...
Thursday, 01 July 21
FIVE ASIAN COUNTRIES ACCOUNT FOR 80% OF NEW COAL POWER INVESTMENT - THE GUARDIAN
Five Asian countries are jeopardising global climate ambitions by investing in 80% of the world’s planned new coal plants, according to a rep ...
Wednesday, 30 June 21
DELTA DUNIA MAKMUR RECORDED AN IMPROVED REVENUE IN Q1 2021; REVENUE INCREASED BY 49% QOQ TO US$160 MILLION ON THE BACK OF COAL PRICE RECOVERY
PT Delta Dunia Makmur Tbk. (“DOID”) released its consolidated financial and operating results that include its primary and wholly-owned ...
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- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
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