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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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Wednesday, 10 August 22
THE FUTURE OF COAL: EIGHT KEY THEMES FROM THE GLOBAL COAL FORUM - WOOD MACKENZIE
Coal investors face a multi-layered and unavoidable challenge: markets distorted by war, trade constraints and the existential threat of the energy ...
Saturday, 06 August 22
SUMITOMO Q1 PROFIT RISES 45% ON STRONGER PRICES OF COAL, NICKEL - REUTERS
Japanese trading house Sumitomo Corp 8053.T said on Wednesday its net profit for the April-June quarter rose 45% to a record thanks to higher price ...
Saturday, 06 August 22
GERMANY'S ENERGY U-TURN: COAL INSTEAD OF GAS - DEUTSCHE WELLE
Berlin has realized it will never again import as much energy from Russia as before the Ukraine war. So the challenge is to wean Germany off its de ...
Saturday, 30 July 22
NUANCES OF FORCE MAJEURE CLAUSE - BALTIC EXCHANGE
Knowledge to Elevate
In NKD Maritime Limited v. Bart Maritime (No 2) Inc (Shagang Giant) [2022] EWHC 1615 (Comm), Bart Maritime (No 2) Inc (th ...
Saturday, 30 July 22
AEMO URGES QUICKER SHIFT TO RENEWABLES AMID COAL FAILURES AND SOARING FOSSIL FUEL COSTS
The Australian Energy Market Operator has called for an accelerated shift to wind and solar, backed up by batteries and other storage, as a devasta ...
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- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Commonwealth Bank - Australia
- The University of Queensland
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
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