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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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- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- PTC India Limited - India
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Eastern Energy - Thailand
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