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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, 12 May 21
U.S. COAL PRODUCTION TO INCREASE BY 43 MMST IN 2021 TOTAL 582 MILLION SHORT TONS - EIA
U.S. energy Information Administration expects U.S. coal production to total 582 million short tons (MMst) in 2021, 43 MMst (8%) more than in 2020. ...
Wednesday, 12 May 21
MARKET INSIGHT - INTERMODAL
Tanker S&P is finally back!
For an extended period, Dry bulk & Wet market rates have been diverging, with the SnP deals on each sect ...
Monday, 10 May 21
PAKISTAN: COAL GASIFICATION AND LIQUEFACTION HARMFUL TO ECONOMY - IEEFA
There is no second life for coal
Pakistan’s intention to use coal for power production through gasification and liquefaction technologie ...
Sunday, 09 May 21
HERE'S WHY INVESTORS ARE POURING MONEY INTO COAL, DESPITE ITS BLEAK FUTURE - FORBES
Coal stocks have surged this year – along with the wider energy sector – but experts warn these are likely short-term gains for an indu ...
Sunday, 09 May 21
MAYBANK TO STOP COAL FINANCING - BERNAMA
Malayan Banking Bhd (Maybank) will stop financing new coal activities as part of its sustainable agenda.
Currently, coal financing m ...
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- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Australian Coal Association
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
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