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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, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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Showing 26 to 30 news of total 6871 |
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- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- The University of Queensland
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Posco Energy - South Korea
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- PTC India Limited - India
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Aditya Birla Group - India
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
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