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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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Tuesday, 17 January 23
CHINA'S SHANXI TARGETS 2023 COAL PRODUCTION OF NEARLY 1.37B TONS - XINHUA
China’s coal-rich province of Shanxi has set a coal production target of nearly 1.37 billion metric tons for 2023, according to a government ...
Tuesday, 17 January 23
MARKET INSIGHT - INTERMODAL
Rumor has it that the New Year has come, to set the pace in, for Russia to continue hostilities against Ukraine. Ten months on the go, into Russia& ...
Tuesday, 17 January 23
INDONESIA IS ACCOUNTING FOR 32.3% OF THE GLOBAL SEABORNE COAL MARKET IN 2022 - BENCHERO 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, Benchero ...
Tuesday, 10 January 23
INDONESIAN HBA IS SEEING A SPIKE IN JANUARY 2023 INSTEAD OF A SIGNIFICANT FALL IN DECEMBER 2022
COALspot.com: Indonesian Coal Price Reference up 8.43% in January 2023.
HBA is seeing a dramatic spike in January 2023 i ...
Sunday, 08 January 23
INDIAN COAL POWER PLANTS SHOULD BE COMPENSATED FOR 2022 FORCED GENERATION – REGULATOR : REUTERS
Indian power plants that rely on imported coal should be fully compensated when forced to supply electricity, the country’s power regulator s ...
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- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- The University of Queensland
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Australian Coal Association
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
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