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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, 19 July 22
DRY BULK MARKET: CAPESIZE MARKET FIRMS THIS WEEK - BALTIC EXCHANGE
Capesize
Firmer sentiment across both basins pushed the Capesize 5TC route average above the $20,000 threshold this week, closing at $24,209. A ...
Tuesday, 19 July 22
WHY SHIPPING MIGHT BE ABOUT TO GET A LITTLE BIT SLOWER - WORLD ECONOMIC FORUM
If shipping is the beating heart of global trade, its pulse is about to get slower.
Faced with uncertainty about which fuels to use in the long ...
Tuesday, 19 July 22
GERMANY'S INCREASED COAL, OIL USE WILL BE TEMPORARY, SCHOLZ SAYS - CNBC
Chancellor Olaf Scholz says Germany’s decision to reactivate coal and oil-fired power plants to relieve energy shortages because of the war i ...
Tuesday, 19 July 22
INDONESIA REMOVES PALM OIL EXPORT LEVY UNTIL AUG. 31 - REUTERS
Indonesia has scrapped its export levy for all palm oil products until Aug. 31 in a fresh attempt to boost exports and ease high inventories, finan ...
Tuesday, 19 July 22
CHINA'S JUNE DAILY COAL OUTPUT JUMPS ON PEAK SUMMER DEMAND - REUTERS
China’s daily coal output in June rose 6.6 per cent from a month earlier as miners cranked up output ahead of peak summer temperatures, when ...
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- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Planning Commission, India
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
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