We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Friday, 16 September 22
WHEN IS A VESSEL'S INCOME EARNING CAPACITY AT RISK? 'CONTROLLED INCOME CAN BE A KEY OF SUCCESS' - MARASCO MARINE
Managing marine risks is not an easy task, which requires special knowledge and expertise on the subject per se. Customarily, big ship management c ...
Friday, 16 September 22
DRY BULK MARKET: EU’S BAN ON RUSSIAN COAL LIFTS DEMAND DESPITE ECONOMIC HEADWINDS - BIMCO
Highlights
– The Baltic Exchange Dry Index (BDI) peaked in late May and has since fallen sharply as lower Chinese demand and adverse glob ...
Friday, 16 September 22
BIMCO EMBARKS ON NEW STANDARD FOR “QUIET ENJOYMENT”
KNOWLEDGE TO ELEVATE
A newly set-up BIMCO drafting team involving a cross-section of shipowners, charterers, financing and leasing i ...
Friday, 16 September 22
INDIAN COAL PRODUCTION TO RISE 150 PER CENT IN 10 YEARS: CENTRE - EXPRESS NEWS SERVICE
The Union Ministry of Mines is expecting 150 per cent growth in coal production 10 years down the line as a result of coal reforms that had been us ...
Thursday, 15 September 22
MARKET INSIGHT - INTERMODAL
While the Organization of Petroleum Exporting Countries and its allies agreed on a 100,000 b/d output cut last week, oil flows are in the spotlight ...
|
|
|
Showing 236 to 240 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- The University of Queensland
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- PTC India Limited - India
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
|
| |
| |
|
