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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$66 million from third party minority holders.
Source: Insider Stories
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Friday, 04 November 22
CHINA EXPANDS COAL TERM CONTRACTS TO ALL MINES TO STABILIZE MARKET - REUTERS
China has expanded long-term thermal coal supply contracts for 2023 to all coal mines and asked power utilities to source more of their demand thro ...
Thursday, 03 November 22
HANDYSIZE VALUES MOVING UP IN OCTOBER, WHILE LNG VALUES SKYROCKET - VESSELSVALUE
Handysize values have increased this month across most ages, following a period of decline. Values for generic 10 year old Handysizes have moved up ...
Thursday, 03 November 22
EUROPEAN GAS SUPPLY SURPLUS, NOVEMBER HBA DOWN TO US$ 308.2 PER TON - ESDM
European gas supply conditions have a major influence in determining fluctuations in the Reference Coal Price (HBA). The November 2022 HBA recorded ...
Wednesday, 02 November 22
MARKET INSIGHT - INTERMODAL
Only five weeks before western sanctions’ full effect, uncertainty over energy has markets and governments on the edge. What was initially th ...
Tuesday, 01 November 22
CHINA COAL TRADE DISRUPTED BY COVID OUTBREAKS AS WINTER LOOMS - REUTERS
China’s strict COVID-19 policy is constraining coal supplies and pushing up prices, industry officials and traders say, just weeks before the ...
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- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- VISA Power Limited - India
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- The University of Queensland
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- White Energy Company Limited
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
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