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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, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- Thiess Contractors Indonesia
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Chamber of Mines of South Africa
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
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