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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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Thursday, 13 October 22
OPEC DOWNGRADES CRUDE OIL DEMAND, AS WORLD ECONOMY ENTERS SLOWDOWN
Crude Oil Price Movements
The OPEC Reference Basket (ORB) declined m-o-m by $6.58 in September, or 6.5%, to average $95.32/b. Pressure from equ ...
Wednesday, 12 October 22
MARKET INSIGHT - INTERMODAL
Sale and Purchase activity during the first three quarters of 2022 has been remarkable.
Focusing only on Tankers and Bulkers, such v ...
Monday, 10 October 22
ENERGY TRANSITION BOOSTS GLOBAL LONG-TERM DEMAND FOR METALS - FITCH RATINGS
The energy transition will significantly increase demand for metals used in manufacturing of electric vehicles (EVs) and renewable power generation ...
Monday, 10 October 22
GLOBAL CEOS EXPECT IMPENDING RECESSION TO BE 'SHORT AND SHARP,' POLL SHOWS - CNBC
Global CEOs are anticipating a recession in the next 12 months, according to a new survey by professional services firm KPMG, which said more than ...
Thursday, 06 October 22
AUSTRALIA’S RESOURCES REVENUE TO HIT RECORD AMID UKRAINE CONFLICT - REUTERS
Australian resources and energy export earnings are forecast to jump 7% to a record A$450 billion ($290 billion) this fiscal year, bolstered by soa ...
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- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Planning Commission, India
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Parliament of New Zealand
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- The University of Queensland
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Australian Coal Association
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
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