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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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Thursday, 26 January 23
AUSTRALIA'S CORONADO GLOBAL SEES COAL PRICES RISING ON RESUMING CHINA IMPORTS - REUTERS
Australia’s Coronado Global Resources said on Tuesday resuming metallurgical coal imports to China would likely push sea-borne coal prices hi ...
Monday, 23 January 23
CHINA'S MAJOR COAL-PRODUCING PROVINCE ACCELERATES DIGITAL TRANSFORMATION - XINHUA
At Chindata Group’s big-data industrial park in Lingqiu County of Datong City, hundreds of thousands of servers are running round-the-clock t ...
Monday, 23 January 23
CHINA'S COAL-RICH PROVINCE SEES COAL PRODUCTION INCREASE IN 2022 - XINHUA
North China’s coal-rich province of Shanxi saw its coal production hit 1.31 billion tonnes in 2022, up 8.7 percent year on year, local author ...
Wednesday, 18 January 23
MARKET INSIGHT - INTERMODAL
From Feb 5, another price cap will be introduced to Russian fuels and oil products, adding to the one for crude oil, already in place from Dec. 3. ...
Tuesday, 17 January 23
FRAUD IS THE BIGGEST THREAT TO CARGO LOSSES - TT CLUB
The almost exclusive use of online facilities to process business transactions allows a myriad of fraudulent pursuits to find opportunities within ...
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- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- McConnell Dowell - Australia
- The University of Queensland
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Planning Commission, India
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
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