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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
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