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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, 20 September 22
CHINA COAL OUTPUT UP 8.1 PCT IN AUGUST - XINHUA
China’s raw coal output posted stable expansion in August, official data showed.
The country produced 370 million tonnes of ra ...
Monday, 19 September 22
BUMA AUSTRALIA AWARDED A$400 MILLION CONTRACT EXTENSION BY BMA FOR GOONYELLA PROJECT
Press Release – PT Delta Dunia Makmur Tbk. (the "Company") announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA ...
Saturday, 17 September 22
CHINA WARNS COAL COMPANIES AGAINST DUAL CONTRACTS, KEEP PRICES STABLE - REUTERS
China’s state economic planner warned coal companies operating at ports in the Bohai Bay region to comply with their long-term contracts to k ...
Saturday, 17 September 22
IS A GLOBAL RECESSION IMMINENT? - WORLD BANK
Since the beginning of the year, a rapid deterioration of growth prospects coupled with rising inflation and tightening financing conditions, has i ...
Saturday, 17 September 22
FITCH RATINGS REVISES GLOBAL METALS & MINING PRICE ASSUMPTIONS
Fitch Ratings has revised its metals and mining price assumptions reflecting evolving economic growth expectations and demand and supply dynamics.
...
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- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Indian Energy Exchange, India
- Central Electricity Authority - India
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
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