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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$66 million from third party minority holders.
Source: Insider Stories
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Wednesday, 13 July 22
MARKET INSIGHT - INTERMODAL
Taking the previous market insight a step further, market sentiment remains bullish regarding the overall ROI of scrubbers, facing tailwinds from a ...
Friday, 08 July 22
AUSTRALIAN COAL PRICE BREAKS AGAIN LEVEL US$ 400/TON!, UP AROUND 4% - CNBC INDONESIA
Coal prices shot up again and crossed the level of US$ 400 per ton. On Thursday (7/7/2022) trading, the selling price of August contract closed at ...
Friday, 08 July 22
INDONESIA MULLS MORE FREQUENT SETTING OF CRUDE PALM OIL REFERENCE PRICE - REUTERS
Indonesia is considering setting its crude palm oil (CPO) export reference price every two weeks instead of monthly, a senior trade ministry offici ...
Friday, 08 July 22
BUNKER PRICES EXPECTED TO RECOVER LOST GROUND NEXT WEEK - SERGEY IVANOV, MABUX
Over the Week 27, the world bunker indices showed a sharp decline, primarily due to the fall in oil prices on July 05. The 380 HSFO index fell by 5 ...
Thursday, 07 July 22
NTPC MINES 61% MORE COAL AT 4.22 MN METRIC TONNES IN APRIL-JUNE: PTI
State-owned power giant NTPC on Tuesday said that its coal output grew by 61 per cent to Rs 42.40 lakh metric tonnes in April-June quarter from 26. ...
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- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Australian Coal Association
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
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