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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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Monday, 31 October 22
U.S. COAL-FIRED GENERATION DECLINING AFTER BRIEF RISE LAST YEAR - EIA
We expect 6% less U.S. coal-fired generation in 2022 than in 2021, according to our latest Short-Term Energy Outlook (STEO). Although coal-fired ge ...
Monday, 31 October 22
CHINA COAL OUTPUT UP 12.3 PCT IN SEPTEMBER - XINHUA
China’s raw coal output posted stable expansion in September, official data showed.
The country produced 390 million tonnes of ...
Wednesday, 26 October 22
BIMCO PUBLISHES UPDATED GENCON CONTRACT
BIMCO has published a revised and updated version GENCON 2022 – one of its flagship contracts within its portfolio of standard contracts for ...
Monday, 24 October 22
KOSPO TO INVITE 400,000 MT OF COAL FOR 3 YEARS
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an international tender for 400,000 MT of 3,800 - 4,400kcal/kg NCV and Sulfur Max 0 ...
Wednesday, 19 October 22
ASIA COULD BE A BRIGHT SPOT AMID GLOBAL DOWNTURN NEXT YEAR, ECONOMISTS SAY - CNBC
Asia — especially Southeast Asia — remains a bright spot, even as the global economy looks set to head into recession next year, econom ...
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- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Planning Commission, India
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Australian Coal Association
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Parliament of New Zealand
- Rio Tinto Coal - Australia
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