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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, 11 April 23
OIL RISES ON CHINA STIMULUS EXPECTATIONS, WEAKER DOLLAR - REUTERS
Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude sto ...
Sunday, 09 April 23
CHINA’S BUSINESS INCOME REBOUND POINTS TO IMPROVING ECONOMY: OFFICIAL - XINHUA
Chinese businesses have posted a strong rebound in sales revenue since the beginning of this year in the latest signal of an improving economy.
...
Sunday, 09 April 23
COAL INDIA TO BOOST SUPPLIES TO INDUSTRIES AS UTILITIES’ INVENTORIES RISE - REUTERS
Coal India Ltd will increase supplies to industries, the world’s largest coal miner said on Wednesday as fuel inventories at utilities run by ...
Thursday, 06 April 23
MARKET INSIGHT - INTERMODAL
LNG Current Supply/Demand Dynamics
This year, LNG supply will likely exceed demand, so prices will need to decline to levels that will encourag ...
Sunday, 26 March 23
EUROPE’S RUSH TO LNG COULD TURN INTO 'WORLD’S MOST EXPENSIVE AND UNNECESSARY INSURANCE POLICY'- CNBC
Europe’s rapid buildout of liquefied natural gas infrastructure is on track to far exceed demand by the end of the decade, according to new r ...
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- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- ASAPP Information Group - India
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- PTC India Limited - India
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- White Energy Company Limited
- The University of Queensland
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
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