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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, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
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- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Cement Manufacturers Association - India
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