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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, 23 September 22
CHINA DIGS DEEP TO RAISE COAL OUTPUT TO RECORD HIGH - REUTERS
China’s coal production has surged this year as the government seeks to improve energy security by reducing dependence on imports and amassin ...
Friday, 23 September 22
EUROPEAN STEEL BUYERS SEEK DIRECTION IN VOLATILE MARKET - MEPS INTERNATIONAL
Demand for steel is slow to recover, after the summer break. Mill production costs continue to increase. Steel purchasers are uncertain about the f ...
Friday, 23 September 22
BUOYANT COAL INDUSTRY SEEKS WAYS TO STAY IN THE LONG-TERM ENERGY MIX - REUTERS
There’s no doubt that the global coal industry has been a major beneficiary of Russia’s invasion of Ukraine and the subsequent energy c ...
Friday, 23 September 22
MARKET INSIGHT - INTERMODAL
In view of the forthcoming winter, Europe is trying to escape from its energy (oil & gas) dependency from Russia to ensure energy abundance eve ...
Tuesday, 20 September 22
CHINA'S DAILY COAL OUTPUT HITS 3-MONTH LOW IN AUGUST ON RAINS, COVID CURBS - REUTERS
China’s daily coal output in August slipped to a three-month low as some mines in its biggest coal mining regions reduced operations or even ...
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- Cement Manufacturers Association - India
- White Energy Company Limited
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Bhatia International Limited - India
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
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