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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, 29 July 22
GLENCORE TO SUPPLY COAL TO NIPPON STEEL AT $375 PER TON - BLOOMBERG
Glencore Plc, agreed to supply coal to Nippon Steel at one of the highest prices ever paid by the Japan Bloomberg reported on July 27.
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Friday, 29 July 22
GLOBAL COAL DEMAND IS SET TO RETURN TO ITS ALL-TIME HIGH IN 2022 - IEA
The world’s consumption of coal is set to rise slightly in 2022, taking it back to the record level it reached nearly a decade ago, according ...
Thursday, 28 July 22
CREW FAMILIARISATION IS CRITICAL WHEN TAKING OVER A VESSEL - WEST P&I CLUB
Knowledge to Elevate
When a vessel changes ownership and/or manager, it can take some considerable time before the new crew and mana ...
Thursday, 28 July 22
RETURN OF COAL A THREAT TO EUROPEAN COMPANIES' ESG RATINGS - REUTERS
European companies turning to coal as an alternative to Russian gas face a hit to their environmental, social and governance ratings, leaving them ...
Wednesday, 27 July 22
MARKET INSIGHT - INTERMODAL
Amid the upcoming ban on Russian coal from the EU, which will be in full effect on August 10th, EU nations have been accelerating their coal import ...
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- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Australian Coal Association
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- The University of Queensland
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
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