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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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Wednesday, 19 October 22
WHAT WILL THE GAS MARKET LOOK LIKE IN A NET ZERO WORLD? - WOOD MACKENZIE
The global gas and LNG market faces a number of ‘great unknowns’. With the market in turmoil uncertainty abounds – from the scale ...
Wednesday, 19 October 22
MARKET INSIGHT - INTERMODAL
The LNG market remains extremely tight, and as a result adding further pressure on the vessel charter market, which is already stretched due to the ...
Sunday, 16 October 22
COULD A RETURN TO SHALE EXPLORATION BE PART OF THE SOLUTION TO EUROPE'S GAS SUPPLY PROBLEM? - WOOD MACKENZIE
The European gas market is in turmoil. Russia’s invasion of Ukraine has shaken things up, triggering a complete rethink of European energy st ...
Thursday, 13 October 22
THERMAL COAL PRICES RETREAT AS WINTER SUPPLY FEARS EASE - REUTERS
The prices of key thermal seaborne coal grades are retreating amid signs that supplies will be sufficient to meet winter demand in both Europe and ...
Thursday, 13 October 22
SPOT COAL BIDDING: CHINESE FIRM WANTS REVISED MECHANISM - BUSINESS RECORDER
Chinese company M/s Huaneng Shandong Ruyi (Pakistan) Energy Limited (HSR) has cautioned National Electric Power Regulatory Authority (Nepra) that i ...
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- The State Trading Corporation of India Ltd
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Planning Commission, India
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
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