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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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Sunday, 21 August 22
COAL-RICH POLAND FACES WINTER OF ENERGY DISCONTENT - DW
Poland uses 10 million tons of coal a year to heat households — a whopping 87% of all coal consumed in EU homes in 2019, according to the War ...
Saturday, 20 August 22
KOSPO TO IMPORT 240000 MT OF MIN 4400 KCAL/KG NCV STEAM COAL FOR OCTOBER;LOADING FROM RUSSIAN PORTS NOT ALLOWED
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 240,000 MT of min 4,400kcal/kg to max. 4,999 kcal/kg NC ...
Wednesday, 17 August 22
INDIAN COMPANIES SWAPPING DOLLAR FOR ASIAN CURRENCIES TO BUY RUSSIAN COAL - REUTERS
Indian companies are using Asian currencies more often to pay for Russian coal imports, according to customs documents and industry sources, avoidi ...
Wednesday, 17 August 22
LNG: MAJOR INVESTMENT AND EXPANSION PHASE, DOUBLING OF LIQUEFACTION CAPACITY BY 2028 PROJECTED - CLARKSONS
Clarksons Research have released the latest version of their long standing annual review, LNG Trade & Transport, on to Shipping Intelligence Ne ...
Wednesday, 17 August 22
UNAFFORDABLE LNG PRICES UNDERMINE RAPID DEMAND GROWTH FORECASTS IN KEY ASIAN MARKETS - IEEFA
Sustained high prices may accelerate downward pressures on Asian LNG demand, clouding long-term industry outlooks
The global liquefi ...
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- Africa Commodities Group - South Africa
- PTC India Limited - India
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- The University of Queensland
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
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