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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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Sunday, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
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- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- VISA Power Limited - India
- Videocon Industries ltd - India
- The University of Queensland
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- ASAPP Information Group - India
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
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