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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
SEEING RED? - WOOD MACKENZIE
What a Republican mid-term victory could mean for US energy and climate policy
According to current polling the Republican Party has ...
Thursday, 14 July 22
INDIA'S COAL IMPORTS HIT RECORD HIGH IN JUNE - REUTERS
India's coal imports hit a record high in June despite high global prices, data from three trade sources and Refinitiv ship tracking showed, as ...
Thursday, 14 July 22
CHINA'S JUNE COAL IMPORTS SLUMP AS TRADERS SHUN EXPENSIVE OVERSEAS CARGOES - REUTERS
China’s coal imports fell 33% in June from a year ago, with traders turning down expensive overseas cargoes in favor of domestic ones with ca ...
Wednesday, 13 July 22
KOWEPO TO IMPORT 2.79 MILLION TONS OF LOW TO MEDIUM COAL
COALspot.com: Korea Western Power Co., Ltd. (KOWEPO) has issued an International tender for Total 1360k MT of Min.4400 kcal/kg NCV coal and Total 1 ...
Wednesday, 13 July 22
HAVE MINERS MISSED THE BOAT TO INVEST AND GET AHEAD OF THE ENERGY TRANSITION? - WOOD MACKENZIE
Miners are in rude health, benefiting from economic stimuli, the post-pandemic recovery and associated supply constraints. Initially the Ukraine wa ...
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- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Economic Council, Georgia
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
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