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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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Tuesday, 01 June 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.02 PCT - XINHUA
China Taiyuan coal transaction price index stood at 160.06 points Monday, down 0.02 percent week on week.
The index, released by Chi ...
Tuesday, 01 June 21
BUMA PRODUCED 11.4 MILLION TONNES OF COAL IN 4Q 2020, 5% LOWER COMPARED TO 12.2 MILLION TONNES IN 4Q 2019
PT Delta Dunia Makmur Tbk. presents its newsletter with consolidated financial and operating results that include its primary and wholly-owne ...
Sunday, 30 May 21
PAKISTAN IS PLANNING TO END COAL IMPORTS, WORSENING OUTLOOK FOR SOUTH AFRICAN COAL - IEEFA
The growing and irreversible risks being faced by South African coal exporters
As Thungela Resources’ CEO attempts to talk up ...
Sunday, 30 May 21
G7 COAL FINANCE EXIT AND WHY IT MATTERS FOR INDIA - IEEFA
While India doesn’t rely on export credit finance to fund new coal plants, there are material implications
The commitment by the Group o ...
Saturday, 29 May 21
SKULD’S IMO 2020 SULPHUR CAP EXPERIENCE
More than a year has passed since the International Maritime Organization (IMO) mandate for the 0.50% sulphur cap for marine fuel (MARPOL Annex VI) ...
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- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
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