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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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Monday, 17 July 23
APPROVED AMMONIA-FUELED CONTAINERSHIP - BENEFITS AND RISKS: REED SMITH
Following the news in Offshore Energy that Korea Maritime Consultants has secured approval in principle from the American Bureau of Shipping for it ...
Friday, 14 July 23
CLEAN COAL USE KEY TO DEEP CUTS IN EMISSIONS, STABLE ELECTRICITY SUPPLY - CHINA DAILY
China must push for the clean use of coal and step up integration of the dirty fuel with carbon capture, utilization and storage to achieve sustain ...
Thursday, 13 July 23
VIETNAM'S COAL EMISSIONS PRIMED FOR SURGE AFTER IMPORTS JUMP - REUTERS
Vietnam’s thermal power emissions are primed for a steep climb this summer after the country’s imports of thermal coal soared to their ...
Monday, 26 June 23
COAL PRODUCTION AND CONSUMPTION UP IN 2022 - EUROSTAT
In 2022, EU coal production and consumption continued to increase, reaching 349 million tonnes (+5% compared with the previous year) and 454 millio ...
Wednesday, 21 June 23
QATAR STRIKES SECOND BIG LNG SUPPLY DEAL WITH CHINA - REUTERS
Qatar on Tuesday secured its second large gas supply deal with a Chinese state-controlled company in less than a year, putting Asia clearly ahead i ...
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- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- White Energy Company Limited
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Economic Council, Georgia
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
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