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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, 16 April 23
CHINA JUGGLES FOUR MAJOR ECONOMIC CHANGES IN 2023 - WOOD MACKENZIE
Change is afoot in China. Economic growth is slowing, while rising political tensions between China and the US, coupled with global supply chain re ...
Sunday, 16 April 23
CHINA'S MARCH COAL IMPORTS JUMP TO 3-YEAR HIGH - REUTERS
China’s coal imports surged in March to their highest in any month over the past three years as utilities increased purchases on expectations ...
Sunday, 16 April 23
OPEC KEEPS WORLD OIL DEMAND GROWTH OUTLOOK UNCHANGED
The OPEC Reference Basket (ORB) declined in March by $3.43, or 4.2%, m-o-m to average $78.45/b. The ICE Brent first-month contract fell by $4.33, o ...
Sunday, 16 April 23
CHEAPER SPOT LNG PRICES TEMPT SOME ASIAN BUYERS AMID SUPPLY GAINS - REUTERS
Cheaper spot prices for liquefied natural gas (LNG) are luring price-sensitive buyers back in Asia, with China and India recording rising imports i ...
Tuesday, 11 April 23
COAL USE CLIMBS WORLDWIDE DESPITE PROMISES TO SLASH IT - AAP
The burning of coal for electricity, cement, steel and other uses went up in 2022 despite global promises to phase down the fuel that is the bigges ...
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- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- PTC India Limited - India
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
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