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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, 26 July 22
CAP RUSSIA'S OIL PRICE NOW - PROJECT SYNDICATE
Though the price of oil has declined in recent weeks, it is still through the roof, filtering through to gasoline prices, and causing economic and ...
Tuesday, 26 July 22
WILL SOUTH AMERICA’S WINTER DEMAND DRAW LNG CARGOES AWAY FROM EUROPE? - ICIS
South America is now in the middle of its winter demand season. Last year the region increased its share of global LNG imports in winter, with Braz ...
Monday, 25 July 22
GLOBAL 2021 COAL-FIRED ELECTRICITY GENERATION SURGES TO RECORD HIGH - REUTERS
By contrast, mine output was still fractionally below the record set between 2012 and 2014 because older and less efficient coal generators have be ...
Saturday, 23 July 22
THE EU HAS BEEN REDUCING IMPORTS OF RUSSIAN REFINED OIL PRODUCTS SINCE MARCH - BANCHERO COSTA
The European Union could now ban the import and transit of fuel oil from Russia around six months ahead of the planned deadline, an EU official and ...
Saturday, 23 July 22
INDONESIA CONSIDERING SCRAPPING DOMESTIC SALES RULE FOR PALM OIL EXPORTS - REUTERS
Indonesia is considering removing a domestic sales requirement for palm oil exports because high inventories of the vegetable oil have been holding ...
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- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Planning Commission, India
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- The University of Queensland
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
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