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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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Tuesday, 04 October 22
INDONESIAN COAL PRICE REFERENCE SURGE AGAIN TO RECORD HIGH
COALspot.com: Indonesian Coal Price Reference reached another record high in October as Russia's war in Ukraine continues to spark a surge in c ...
Sunday, 02 October 22
MISC STRENGTHENS ITS PARTNERSHIP WITH SEARIVER MARITIME
MISC Berhad (MISC) today announced that its subsidiaries Polaris LNG Three Pte. Ltd. and Polaris LNG Four Pte. Ltd. have secured long-term time cha ...
Thursday, 29 September 22
MARKET INSIGHT - INTERMODAL
This week, focus turns to the 38th APPEC Conference, where leading professionals from the global oil industry will discuss the future key drivers o ...
Thursday, 29 September 22
HIGH COAL PRICES REMAIN A CONCERN FOR DOMESTIC NON-FERROUS METAL COMPANIES - ICRA
According to ICRA on Monday, the high price of coal will have a negative effect on the profitability of domestic non-ferrous metal companies that m ...
Tuesday, 27 September 22
14% INCREASE IN EUROPEAN COAL DEMAND TO BE SHORT-TERM TREND - WOOD MACKENZIE
European seaborne thermal coal demand is projected to increase 14% or 12 million metric tonnes (Mt) this year to 98 Mt as it grapples with the curr ...
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- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- The University of Queensland
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Aditya Birla Group - India
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
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