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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$66 million from third party minority holders.
Source: Insider Stories
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Thursday, 07 July 22
COAL INDIA'S PRODUCTION SETS RECORD INCREASE OF 29% YOY AT 36 MT IN Q1FY23 - IIFL SECURITIES
Coal India Limited (CIL) has ended April-June quarter FY’23 capping a historic high of 29% yoy output growth, compared to same quarter FY&rsq ...
Wednesday, 06 July 22
MARKET INSIGHT - INTERMODAL
Following the 3rd Decarbonizing Shipping Forum, held in Hamburg on June 2022, there has been a meaningful resurgence of discussions within the ship ...
Tuesday, 05 July 22
WHY ARE VLSFO PRICES SO HIGH, ESPECIALLY IN SINGAPORE? - STEVE CHRISTY, INTEGR8 FUELS
Tightness in products still trumps talks of recession
Last month we wrote about the fears of recession versus the tightness in product markets ...
Tuesday, 05 July 22
ADANI ENTERPRISES LOWEST BIDDER IN COAL INDIA'S IMPORT TENDER: REPORT - BUSINESS STANDARD
Coal India Ltd floated its first import tender on behalf of power companies, where Adani Enterprises Ltd came out to be the lowest bidder, a report ...
Tuesday, 05 July 22
CHINA POLICY KEY FOR IRON ORE OUTLOOK - ING
China’s covid lockdowns and recessionary risks hit iron ore
Iron ore prices have fallen significantly from their year-to-date high of US$ ...
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- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- The University of Queensland
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Deloitte Consulting - India
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Minerals Council of Australia
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Planning Commission, India
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
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