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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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Saturday, 25 March 23
COAL INDIA HAS STRONG CASE TO INCREASE PRICES, TALKS ON: CMD AGRAWAL - BUSINESS STANDARD
Coal India (CIL) Chairman and Managing Director Pramod Agrawal said on Monday there is a “strong case” for increasing coal prices, and ...
Saturday, 25 March 23
ASIAN CRUDE PALM OIL WATCH 1Q23 - FITCH RATINGS
Malaysian benchmark crude palm oil (CPO) spot prices have averaged around USD915 per tonne (t) so far in 1Q23, sharply lower than the average of ar ...
Saturday, 25 March 23
INDONESIA’S COAL EXPORT INCREASED BY 21.0% YOY TO 388.4 MLN T IN 2022 - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels. In the f ...
Saturday, 25 March 23
GLOBAL LNG-ASIA SPOT PRICES SLIP AS WEAK NORTHERN DEMAND REMAINS - REUTERS
Asian spot prices of liquefied natural gas (LNG) declined this week, falling to a 21-month low, as weak demand in the northeast Asia region continu ...
Wednesday, 22 March 23
OIL PRICE FALL SPECULATIVE, TO HIT $140 BY YEAR-END -ANDURAND: REUTERS
The recent fall in oil prices due to banking jitters is speculative and oil will hit $140 a barrel by the end of the year, hedge fund manager Pierr ...
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- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Planning Commission, India
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Mercator Lines Limited - India
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Australian Coal Association
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
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