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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, 18 March 23
HEDGE TO OFFSET LNG VOLATILITY, TRADERS TOLD - BALTIC EXCHANGE
A shift in imports from Asia to Europe led to significant volatility in liquefied natural gas shipping last year, prompting industry experts to urg ...
Friday, 17 March 23
INDONESIAN COAL PRICE REFERENCE UP AROUND 2.17% IN MARCH 2023
COALspot.com: Indonesian Coal Price Reference up around 2.17% in March 2023.
According to the new HBA regulation No. 41.K/MB.0 ...
Saturday, 11 March 23
MARKET INSIGHT - INTERMODAL
Uncertainty over the recovery of Chinese demand, demand destruction in Europe, as well as weather conditions will pivot the LNG market this summer. ...
Wednesday, 08 March 23
INDONESIAN COAL REFERENCE PRICE FORMULA HAS OFFICIALLY CHANGED
Indonesian Minister of Energy and Mineral Resources has officially changed the guideline for determining the benchmark price for the sale of coal c ...
Thursday, 02 March 23
INDIA'S SEABORNE CRUDE OIL IMPORTS IN 2022 INCREASED BY 11.5% YOY - BANCHERO COSTA
2022 has turned out to be a very positive year for crude oil trade, despite the surging oil prices and risks of economic recession, Banchero Costa ...
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- Vijayanagar Sugar Pvt Ltd - India
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- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
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- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
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- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
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- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Australian Coal Association
- Orica Australia Pty. Ltd.
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- Interocean Group of Companies - India
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- Electricity Generating Authority of Thailand
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- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
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- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- White Energy Company Limited
- The University of Queensland
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- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
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- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- PTC India Limited - India
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
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- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
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- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
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- Energy Link Ltd, New Zealand
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