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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, 18 November 22
REALITIES OF LOI LIABILITIES - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
The cargo misdelivery claim in Trafigura Maritime Logistics Pte Ltd v. Clearlake Shipping Pte Ltd (Miracle Hope) [2022] E ...
Tuesday, 15 November 22
CHINA SEES RISING COAL STORAGE AMID SUPPLY PUSH - XINHUA
Coal stockpiles at China’s power plants have seen considerable increases, ensuring energy supply for the winter, the country’s energy r ...
Tuesday, 15 November 22
SEABORNE THERMAL COAL PRICES START TO EASE, BUT PROCESS IS UNEVEN - REUTERS
Prices for seaborne thermal coal have started to drop as fears of a winter energy crunch ease, but the rate of decline has varied across the differ ...
Thursday, 10 November 22
INDIA: THERMAL PLANTS HAVE ADEQUATE COAL STOCKS AT 25.6 MILLION TONNES, SAYS GOVT - IANS
The coal stock with domestic dry fuel-based power plants, as on October 31, was 25.6 million tonnes, the government said, adding that the availabil ...
Tuesday, 08 November 22
OUTLOOK ON CHINA’S WEAKENED BASIC MATERIALS SECTOR CLOUDED BY POLICY SWINGS - FITCH RATINGS
Fitch Ratings expects basic materials demand in China to improve qoq in 4Q22, driven by seasonally higher construction activity, solid infrastructu ...
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- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Parliament of New Zealand
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- The Treasury - Australian Government
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Planning Commission, India
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
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