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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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Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Agrawal Coal Company - India
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- White Energy Company Limited
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
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