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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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Monday, 19 December 22
ENERGY CRISIS FUELS COAL COMEBACK IN GERMANY - REUTERS
Coal has made a comeback in Germany this year, as Europe’s largest economy turns to the dirty fuel to power it through an energy crisis.
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Thursday, 15 December 22
MARKET INSIGHT - INTERMODAL
While observing the ship repair market very close to the end of the year, we are confident that shipyards worldwide are entering a new era. The nex ...
Tuesday, 13 December 22
STRONG COAL PRICES SUPPORT ROBUST EARNINGS AT INDONESIAN COAL MINERS - FITCH RATINGS
Fitch Ratings expects cash flow generation at Indonesian coal miners to remain strong in 2023, based on its forecast for coal prices to remain high ...
Tuesday, 13 December 22
BIMCO CII CLAUSE FINALLY RELEASED: DOES IT MAKE ANY SENSE OF CCI? - WFW
WHAT IS CII?
The new International Maritime Organisation’s (“IMO’s”) Carbon Intensity Indicator (“CII”) cer ...
Tuesday, 13 December 22
COAL BASE RAMPS UP ENERGY SUPPLY FOR WINTER NEEDS - XINHUA
Inner Mongolia Autonomous Region, China’s leading coal production base, has kicked its production into high gear to meet heating needs as col ...
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Showing 166 to 170 news of total 6871 |
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- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- The University of Queensland
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
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