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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, 13 December 22
AUSTRALIA TO CAP PRICES OF COAL, GAS TO DRIVE DOWN ENERGY BILLS - REUTERS
Australia will cap coal and gas prices for a year in a bid to shave utility bills for households and businesses hit by soaring costs because of the ...
Tuesday, 13 December 22
YANCOAL AUSTRALIA TO PREPAY $459 MLN DEBT AS RECORD COAL PRICES BOOST CASHFLOWS - REUTERS
Coal miner Yancoal Australia Ltd. said on Friday it intended to prepay $459 million of its debt on or around Dec. 16, as elevated coal prices were ...
Tuesday, 13 December 22
WHY COAL LEADS THE RISE IN COMMODITIES THIS YEAR - MARKETWATCH
This year marked a resurgence for coal, often known — and loathed — by environmentalists as the dirtiest energy source, with prices mor ...
Thursday, 08 December 22
BIMCO TO REVISE WAR RISK CLAUSES
Work to revise the BIMCO War Cancellation Clause 2004, the BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013) and the BIMCO War Risk ...
Thursday, 08 December 22
COAL ROYALTY PAYMENTS BOOST AUSTRALIAN STATE'S BUDGET FORECAST - REUTERS
Australia’s Queensland state on Wednesday forecast a record surplus for the current financial year, largely driven by higher royalty payments ...
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- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
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