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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$66 million from third party minority holders.
Source: Insider Stories
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Friday, 02 September 22
INDONESIA COAL PRICE REFERENCE SLIPS SLIGHTLY IN SEPTEMBER 2022
COALspot.com: Indonesian Coal Price Reference for September delivery drops 0.74 per cent month on month.
The Indonesian Coal Price R ...
Friday, 02 September 22
ABM INVESTAMA BUYS 30% GEMS SHARES FOR US$ 420 MILLION
PT ABM Investama Tbk through its indirect subsidiary, bought a 30% stake in the PT Golden Energy Mines Tbk for US$ 420 million or around Rp 6.2 tri ...
Wednesday, 31 August 22
MARKET INSIGHT - INTERMODAL
Scorching temperatures and extremely dry conditions during the Northern hemisphere summer have been drying crops. Yield prospects have subsided in ...
Tuesday, 23 August 22
HIGH COAL PRICES COULD BOOST INDONESIA'S ENERGY TRANSITION - IEEFA
Global coal prices have reached an all-time high as countries stop purchasing Russian coal amidst the Russia-Ukraine conflict. Indonesian coal comp ...
Tuesday, 23 August 22
A COMBINED US$6.8-BILLION CASH BALANCE OF INDONESIAN COAL COMPANIES COULD PROVIDE FOR TIMELY INVESTMENTS IN GREEN TRANSITION - IEEFA
A combined US$6.8-billion cash balance of Indonesian coal companies could provide for timely investments in green transition
The opp ...
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- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- The University of Queensland
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
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