We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 29 November 22
SEABORNE COAL FLOWS IN 2022 - SIGNAL
This year is crucial for the energy mix in European countries, as the EU has imposed new sanctions on Russia. It is important to emphasize that the ...
Friday, 25 November 22
APAC THERMAL COAL PRICES CORRECT FROM RECORD HIGH - FITCH RATINGS
Prices of Newcastle 6,000kcal/kg coal have corrected following falling European gas and coal prices, and more supply from Australia could help miti ...
Thursday, 24 November 22
VIETNAM BOOSTS COAL USE PLAN FOR 2030 AS G7 CLIMATE OFFER STALLS - REUTERS
Vietnam has increased its coal power target for 2030 under a revised draft energy plan, government documents seen by Reuters show, while renewables ...
Tuesday, 22 November 22
THE GENCON 2022 CHARTERPARTY - GARD
KNOWLEDGE TO ELEVATE
BIMCO has published a revamped version of the popular GENCON charterparty. Our author, Helena Biggs, was a member of the ...
Tuesday, 22 November 22
INDIA POWER BINGES ON COAL, OUTPACES ASIA - REUTERS
India’s coal-fired power output has increased much faster than any other country in the Asia Pacific since Russia’s invasion of Ukraine ...
|
|
|
Showing 186 to 190 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Planning Commission, India
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
|
| |
| |
|
