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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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Saturday, 23 July 22
STABILITY OF RUSSIAN GAS FLOWS REMAIN UNCERTAIN, DESPITE THE REOPENING OF NORD STREAM - WOOD MACKENZIE
Gazprom confirmed today that regular annual maintenance of Nord Stream is officially over and gas flows restarted at 63 million cubic metres per da ...
Friday, 22 July 22
MARKET INSIGHT - INTERMODAL
Faced with uncertainty regarding the most cost-efficient alternative fuels and the future dominant method to reduce their greenhouse emissions, man ...
Friday, 22 July 22
YANCOAL AUSTRALIA CUTS 2022 COAL OUTPUT VIEW AS FLOODS, COVID BITE - REUTERS
Coal miner Yancoal Australia Ltd YAL.AX cut its 2022 output forecast on Wednesday, signalling a hit from higher-than-expected rainfall, COVID-19-le ...
Wednesday, 20 July 22
BOOST FOR BIOFUELS AS IMO REMOVES REGULATORY HURDLE - GARD
MARPOL Annex VI regulations were written for petroleum derived fuels but also apply to biofuels. It has been a challenge to meet the regulatory req ...
Wednesday, 20 July 22
INDONESIA’S COAL EXPORTS TO THE EU INCREASED SIGNIFICANTLY RECENTLY
European countries have increased coal imports from Indonesia due to the energy crisis that hit the region after Russia cuts gas exports to Europe. ...
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- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- MS Steel International - UAE
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- The University of Queensland
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Central Electricity Authority - India
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
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