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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, 08 May 21
LNG-TO-POWER INVESTORS IN THE PHILIPPINES RISK EXPOSURE TO $14 BILLION IN STRANDED ASSETS - IEEFA
High regulatory and financial uncertainty in the Philippines market
The race to develop liquified natural gas (LNG) facilities in th ...
Saturday, 08 May 21
THE COAL-TO-RENEWABLES TRANSITION TAKES OFF - IEEFA
Pre-Biden changes underscore coming 10-year wave of coal plant retirements
The traditional S-curve growth exhibited by disruptive te ...
Friday, 07 May 21
CHINA'S TOTAL COAL IMPORTS FOR 2020 REACHED A VOLUME OF 304 MILLION TONS - ASSOCARBONI
Our benchmarks, manufacturing Countries like China, Germany, Japan, India, South Korea and Taiwan will continue to use a mix of coal and nuclear to ...
Friday, 07 May 21
SEABORNE WORLD COAL TRADE CLOSED 2020 IN NEGATIVE - ASSOCARBONI
Coal confirmed its leadership as leading fuel for electricity generation also in 2020, accounting for 38% of overall production. For the first time ...
Friday, 07 May 21
INDONESIA'S THERMAL COAL EXPORTS IN 2020 DECREASED BY 13%; INDIA REMAINED THE TOP DESTINATION FOR INDONESIAN COAL - ASSOCARBONI
An increase in seaborne trade is forecast for 2022, driven by markets in Southeast Asia, where growing demand for coal from Bangladesh, the Philipp ...
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- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Australian Coal Association
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- VISA Power Limited - India
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
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