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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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Wednesday, 07 December 22
MARKET INSIGHT - INTERMODAL
China’s coal imports from January to October were 230.1m mt, a decrease of around 10.7% y-o-y (2021 totalled 323.2m mt). The question is if t ...
Wednesday, 07 December 22
INDIA'S STEEL MINISTRY SEEKS IMPORT TAX WAIVER FOR COKING COAL - SOURCES REUTERS REPORTED
India’s steel ministry has asked the finance ministry for a waiver of import tax on coking coal among a slew of raw materials, as it scramble ...
Tuesday, 06 December 22
INDIA'S COAL PRODUCTION RISES 17% IN APR-NOV PERIOD - PTI
The country’s coal production increased 17 per cent to 524.20 million tonnes in the April-November period of the ongoing fiscal.
...
Tuesday, 06 December 22
INDONESIA AIMS TO STARTS COLLECTING COAL LEVY IN Q1 2023 - MINISTER, REUTERS REPORTED
Indonesia aims to establish a coal fund agency and start collecting a coal levy in the first quarter next year, to help ensure supply security for ...
Saturday, 03 December 22
COMPLEX RUSSIAN PRICE CAP MAKES MARITIME VISIBILITY A MUST - WINDWARD
Many commentators and analysts are speculating about the potential impact the Russian seaborne oil price cap will have on organizations and entitie ...
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- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- The University of Queensland
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
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- TeaM Sual Corporation - Philippines
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