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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, 08 January 23
ELEVATED COAL PRICE A DRAG ON MARGINS OF DOMESTIC BASE METAL PLAYERS: ICRA
The increased price of coal continue to be a drag on the margin of domestic base metal players with no immediate relief in sight, rating agency ICR ...
Monday, 02 January 23
CHINA’S COAL CONSUMPTION TO PEAK BY 2035: REPORT - REUTERS
China’s primary energy consumption is likely to peak at nearly 6.03 billion tonnes of standard coal between 2030 and 2035, refining giant Chi ...
Thursday, 29 December 22
INDIA'S COAL DEMAND LIKELY TO PEAK BETWEEN 2030-2035: MINISTER - ANI
The demand for coal in India will continue and is likely to peak between 2030-2035, Union Minister of Coal, Mines, and Parliamentary Affairs Pralha ...
Thursday, 29 December 22
RIO TINTO AND PARTNERS COULD RECEIVE AS MUCH AS $450M IN GOVERNMENT COMPENSATION FOR COAL PRICE CAP - THE GUARDIAN
Compensation payments for the Gladstone power plant remain the sticking point in the federal government’s coal price cap compensation negotia ...
Wednesday, 28 December 22
MARKET INSIGHT - INTERMODAL
The United Nations Conference on Trade and Development (UNCTAD) published a Global Trade Update on December 13th highlighting that global trade wou ...
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- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- PTC India Limited - India
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
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