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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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Friday, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
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- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Australian Coal Association
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
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