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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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Saturday, 05 June 21
IT'S TIME FOR THE BIDEN ADMINISTRATION TO CHAMPION RENEWABLE ENERGY IN THE PHILIPPINES, NOT NUCLEAR OR FOSSIL GAS - IEEFA
Fossil gas and nuclear investments risk locking in costly, outdated infrastructure for the long-term
The United States has spent the ...
Friday, 04 June 21
NEW COAL-FIRED POWER PLANTS IN INDIA WILL BE ECONOMICALLY UNVIABLE - IEEFA
Coal capacity additions face major stranded asset risk
Much of India’s 33 gigawatts (GW) of coal-fired power capacity currently under co ...
Thursday, 03 June 21
JUNE HBA IS HITTING ABOVE $100 AND SETTLED AT ITS HIGHEST SINCE OCTOBER 2020
COALspot.com: The Indonesia coal price reference for June 2021 settles at US$ 100.33 per ton FOB vessel.
The Indonesia coal pr ...
Wednesday, 02 June 21
INDONESIA RV WAS DOWN TO LOW/MID $20,000S DAY FOR PANAMAX/KAMSARMAX WITH DELIVERY S CHINA - BANCHERO COSTA
Panamax
A softening week in the Pacific basin with rates under a downward pressure mainly caused by the oversupply of tonnage in the area, said ...
Wednesday, 02 June 21
EUROPEAN UNION'S IRON ORE IMPORTS - BANCHERO COSTA
The European Union (27) is currently the fourth largest importer of iron ore in the world, after China, Japan, and South Korea.
Euro ...
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- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Economic Council, Georgia
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
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