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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 February 23
PAKISTAN PLANS TO QUADRUPLE DOMESTIC COAL-FIRED POWER, MOVE AWAY FROM GAS - REUTERS
Pakistan plans to quadruple its domestic coal-fired capacity to reduce power generation costs and will not build new gas-fired plants in the coming ...
Saturday, 18 February 23
2023 MARINE FUEL MARKET PREDICTIONS - JOHN BERGMAN, AURAMARINE
The drive for decarbonisation we witnessed in 2022 has continued into 2023, demonstrating the shipping’s industry positive strides in the fas ...
Saturday, 28 January 23
COAL GROWTH BLIP NOT TO BE REPEATED - BALTIC EXCHANGE
As 2022 drew to a close, global coal demand looked set to end the year just 1.2% up on the previous year. But that small increase was enough to pus ...
Thursday, 26 January 23
CHINA'S COAL OUTPUT INCREASES IN DECEMBER 2022 - XINHUA
China’s raw coal output posted stable expansion in December 2022, official data showed.
The country produced 400 million tonne ...
Thursday, 26 January 23
COKING COAL NARROWS THE GAP ON THERMAL AS CHINA REOPENS - REUTERS
The premium of high-grade thermal coal over coking coal in Asia is shrinking as China’s re-opening and ending of a ban on imports from Austra ...
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- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- White Energy Company Limited
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
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