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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, 23 May 23
INDIA: COAL OUTPUT UP 8.9%, SUPPLY RISES 11.7% IN APRIL - FINANCIAL EXPRESS
India’s coal production jumped 8.85% to 73.14 million tonne (MT) in April 2023 and the total coal despatch during the month went up 11.66% to ...
Tuesday, 23 May 23
CHINA COAL OUTPUT UP 4.5 PCT IN APRIL - XINHUA
China’s raw coal output posted stable expansion in April, official data showed.
The country produced 380 million tonnes of raw ...
Saturday, 20 May 23
NON-OPEC OIL SUPPLY DEVELOPMENT - OPEC
In 2022, non-OPEC supply is estimated to have increased by 1.9 mb/d y-o-y. Out of this, US liquids production increased by 1.2 mb/d, mainly on the ...
Saturday, 20 May 23
GLOBAL COAL TRADE HAS REALLY PICKED UP PACE IN RECENT MONTHS, NOW FULLY BACK TO PRE-COVID LEVELS - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels. In Jan-Apr 2023, total global seaborne coa ...
Saturday, 20 May 23
MARKET INSIGHT - INTERMODAL
India is one of the world's largest coal producers and one of the world's largest importers of coal. The country uses coal mainly for power ...
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Showing 101 to 105 news of total 6871 |
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- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Planning Commission, India
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
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