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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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Wednesday, 22 March 23
MARKET INSIGHT - INTERMODAL
The crude tanker market continues to gather momentum as we head towards the end of 1Q2023, against a backdrop of strong U.S. exports paired with a ...
Wednesday, 22 March 23
WILL LOWER GAS PRICES SPARK SWITCHING IN EUROPE AND ASIA?
Record high prices devastated demand for gas and LNG across Asia and Europe last year. But with prices falling, companies are starting to re-evalua ...
Monday, 20 March 23
NTPC MULLS 5.4 MILLION TONNES COAL IMPORT IN FIRST HALF OF 2023-24: PTI
State-run power giant NTPC is planning to import around 5.4 million tonnes of coal to meet the supply shortage during the first half 2023-24 fiscal ...
Monday, 20 March 23
S. AFRICA’S EXXARO RESOURCES SAYS COAL PRICES COOLING OFF - REUTERS
South Africa’s Exxaro Resources on Thursday posted a 28% jump in 2022 profit after seeing average coal prices surge more than 150%, but warne ...
Saturday, 18 March 23
RUSSIAN LNG EXPORTS TO EUROPE REMAIN HIGH - VESSELS VALUE
Russian LNG exports to Europe remained at very high levels in February at 3.6 million CBM, following a 13 month high in January of 4.1 million CBM. ...
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- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
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- Ambuja Cements Ltd - India
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- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- PTC India Limited - India
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
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- Indonesian Coal Mining Association
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- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
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- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Planning Commission, India
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
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- Mjunction Services Limited - India
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