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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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Thursday, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Planning Commission, India
- CNBM International Corporation - China
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
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