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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$66 million from third party minority holders.
Source: Insider Stories
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Friday, 02 December 22
INDONESIAN COAL PRICE REFERENCE PLUNGE TOWARD US$ 281.48 A TON AS DEMAND DROPS WORLDWIDE
COALspot.com: The cost of coal is falling so fast that it is beginning to put real money back in the pockets of end-users.
Indonesia ...
Wednesday, 30 November 22
INDONESIA’S BUMI RESOURCES TARGETS 2023 COAL OUTPUT OF 80 MLN TONNES - REUTERS
Indonesian coal miner PT Bumi Resources Tbk BUMI.JKis eyeing a 10% increase in output to 80 million tonnes next year amid expectations for more fav ...
Wednesday, 30 November 22
TANKERS: LONGER HAULS TO SUPPORT CONTINUED STRENGTH - BIMCO
Highlights
A rebound in the dirty tanker trade has led the Baltic Exchange Dirty Index (BDTI) to increase by 64% since our last report from mid ...
Wednesday, 30 November 22
MARKET INSIGHT - INTERMODAL
Shipping, although a conservative and innovation adverse industry, is currently in a transition period of digital transformation. According to a su ...
Tuesday, 29 November 22
INDIA TO RECEIVE FIRST LNG CARGO FROM INDONESIA’S TANGGUH LNG - REUTERS
India will receive its first cargo from Indonesia’s Tangguh liquefied natural gas (LNG) plant at the Dahej terminal on Monday, according to a ...
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- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Planning Commission, India
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Economic Council, Georgia
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
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