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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, 26 February 23
MAWANI AND JEDDAH CHAMBER SIGN AN AGREEMENT TO BUILD INTEGRATED LOGISTICS PARK
Press Release: The Saudi Ports Authority (Mawani) and Jeddah Chamber of Commerce and Industry have today inked an agreement to set up an integrated ...
Saturday, 25 February 23
INDONESIA IS STILL BY FAR THE TOP SUPPLIER OF COAL TO CHINA - 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, said ban ...
Wednesday, 22 February 23
MARKET INSIGHT - INTERMODAL
The short-term outlook of the global soybean market is currently pivoted by a combination of weather patterns that are affecting the harvest progre ...
Saturday, 18 February 23
OIL UNLIKELY TO BREAK ABOVE $100/BBL THIS YEAR, J.P.MORGAN SAYS –- REUTERS
Brent oil prices are unlikely to breach the $100 a barrel level this year, barring any significant geopolitical drivers, with OPEC+ potentially add ...
Saturday, 18 February 23
CHINA'S COAL PRICES FALL TO 1 YR-LOW, CLOUDING DEMAND AND IMPORT OUTLOOK - REUTERS
China’s thermal coal prices hit their lowest levels in a year this week on rising inventories as domestic mine production is recovering faste ...
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- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- The University of Queensland
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Planning Commission, India
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
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