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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, 16 June 21
MARKET INSIGHT - INTERMODAL
“While approaching the second half of the year and summer season is just around the corner, COVID vaccination programs are steadily moving fo ...
Monday, 14 June 21
'WISHFUL THINKING': WHY CHINA NEEDS AUSTRALIAN IRON ORE FOR 'MANY YEARS' TO COME - YAHOO FINANCE AU
A “wintry period”.
That’s what’s expected to happen to Australia’s economy “when” China st ...
Sunday, 13 June 21
COAL AND LNG’S SURGE IN ASIA PLAYS INTO RENEWABLE ENERGY HANDS - REUTERS
Liquefied natural gas (LNG) and thermal coal prices in Asia have been roaring ahead in recent months amid strong demand, but while welcome news for ...
Friday, 11 June 21
5 REASONS GLOBAL SHIPPING COSTS WILL CONTINUE TO RISE - ING
No short-term relief
Shipping costs have been growing strongly since the autumn of 2020, but the first months of this year have seen a new surg ...
Friday, 11 June 21
ASIA COAL PRICES SURGE, BUT CHINA-AUSTRALIA DISPUTE MEANS RALLY IS UNEVEN - REUTERS
Thermal coal prices across Asia have surged to multi-year highs amid strong demand and some supply constraints, but some types of the fuel have don ...
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- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Economic Council, Georgia
- Planning Commission, India
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- White Energy Company Limited
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- The University of Queensland
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
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