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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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Friday, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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Showing 11 to 15 news of total 6871 |
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- Borneo Indobara - Indonesia
- The University of Queensland
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- PTC India Limited - India
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
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