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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$66 million from third party minority holders.
Source: Insider Stories
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Thursday, 27 May 21
KOMIPO INVITED BIDS FOR 1.56 MILLION TONS OF BITUMINOUS COAL
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Thursday, 27 May 21
CHINA POWER DEMAND EXCEEDS PRE-COVID-19 LEVELS; THERMAL OUTPUT STRONG - FITCH RATINGS
Rising Consumption: Total power consumption rose by 21.2% yoy to 1,921.9GWh in 1Q21 due to the fast recovery of China’s economy, after a drop ...
Thursday, 27 May 21
CHINA'S POWER DEMAND EXCEEDS PRE-PANDEMIC LEVELS; RENEWABLES TO DRIVE DEVELOPMENT - FITCH RATINGS
China's power consumption exceeded the pre-Covid-19 levels in 1Q21 due to the country's fast economic recovery, with strong output from the ...
Wednesday, 26 May 21
THE INDONESIA COAL PRICE REFERENCE FOR MAY 2021 SETTLES AT US$ 89.74 PER TON
COALspot.com: The Indonesia coal price reference for May 2021 settles at US$ 89.74 per ton FOB vessel.
The Indonesia coal pric ...
Wednesday, 26 May 21
MARKET INSIGHT - INTERMODAL
Last year crude tankers’ newbuilding contracting activity was devastated by the economic effects of the Covid-19 pandemic and the cloud of un ...
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- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- The University of Queensland
- PTC India Limited - India
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- White Energy Company Limited
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
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