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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, 23 August 22
SHIPPING INDUSTRY TO REMOVE THE INDIAN OCEAN HIGH RISK AREA - BIMCO
After more than a decade of effective threat-reducing counter-piracy operations the shipping industry has removed the ‘Indian Ocean High Risk ...
Tuesday, 23 August 22
SHIPPING: GLOBAL TAX REFORM - WATSON FARLEY & WILLIAMS
OECD rules designed to implement a global minimum corporate tax rate for very large multinational groups have now been published and are expected t ...
Tuesday, 23 August 22
PARTIES CONCLUDE JOINT R&D AGREEMENT FOR WORLD’S FIRST AMMONIA FLOATING STORAGE AND REGASIFICATION BARGE CONTRIBUTING TO PROMOTING THE EARLY INTRODUCTION OF AMMONIA FUEL - NYK
NYK Line, Nihon Shipyard Co., Ltd. (NSY), ClassNK, and IHI Corporation (IHI) signed a joint research and development agreement for the commercializ ...
Monday, 22 August 22
INDONESIAN GOVERNMENT IMPOSED ON NEW PROGRESSIVE ROYALTIES FOR COAL
Indonesian President Joko Widodo has signed a Government Regulation (Number 26 of 2022) on 15 August 2022 related to the progressive royalty rates ...
Monday, 22 August 22
CHINA'S JULY RUSSIAN COAL IMPORTS HIT 5-YR HIGH AS WEST SHUNS MOSCOW - REUTERS
China’s coal imports from Russia jumped 14% in July from a year earlier to their highest in at least five years, as China bought discounted c ...
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- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- The Treasury - Australian Government
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- The University of Queensland
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
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