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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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Wednesday, 30 June 21
BUMA SIGNED MINING AGREEMENT WITH ADARO
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into an agreement for the p ...
Wednesday, 30 June 21
MARKET INSIGHT - INTERMODAL
The strong freight performance since the beginning of year has continued for the dry bulk market with earnings being at the highest level in over a ...
Monday, 28 June 21
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA THREATENS TO REVOKE 2,350 MINING BUSINESS PERMITS
The Ministry of Energy and Mineral Resources said that the revocation of mining business permits was in accordance with President Jokowi's inst ...
Sunday, 27 June 21
INDONESIA'S STATE-OWNED UTILITY PLN'S 2060 NET ZERO AMBITION NOT WITHOUT FLAWS AND GAPS - IEEFA
Indonesia on the right emissions reduction pathway but same old coal stories persist
Recent announcements by Indonesia’s state-owned uti ...
Saturday, 26 June 21
COAL PRICES HIT DECADE HIGH DESPITE EFFORTS TO WEAN THE WORLD OFF CARBON - WSJ
Rebounding electricity usage and scanty rainfall in China have added fuel to the rally
Coal prices have climbed to their highest lev ...
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- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
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- London Commodity Brokers - England
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- Bukit Asam (Persero) Tbk - Indonesia
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- GN Power Mariveles Coal Plant, Philippines
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- Sojitz Corporation - Japan
- ICICI Bank Limited - India
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- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
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- Australian Commodity Traders Exchange
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- Kapuas Tunggal Persada - Indonesia
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- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
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- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
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- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Indonesian Coal Mining Association
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- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
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- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
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- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
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- Kideco Jaya Agung - Indonesia
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- Parliament of New Zealand
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- European Bulk Services B.V. - Netherlands
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- International Coal Ventures Pvt Ltd - India
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- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
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- Renaissance Capital - South Africa
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- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
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- Kartika Selabumi Mining - Indonesia
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- Sical Logistics Limited - India
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- The University of Queensland
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- GMR Energy Limited - India
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
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- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
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- Coal and Oil Company - UAE
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- Rashtriya Ispat Nigam Limited - India
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- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
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- Economic Council, Georgia
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- Thiess Contractors Indonesia
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- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
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- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
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