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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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Monday, 04 July 22
INDONESIAN COAL PRICE REFERENCE SLIGHTLY DOWN IN JULY
COALspot.com: Indonesian Coal Price Reference for July delivery drops 1.52 per cent month on month.
The Indonesian Coal Price Refere ...
Sunday, 03 July 22
CHINESE VICE PREMIER STRESSES CLEAN, EFFICIENT USE OF COAL - XINHUA
Chinese Vice Premier Han Zheng has stressed efforts to promote the clean and efficient use of coal, and pursue green, low-carbon and high-quality d ...
Sunday, 03 July 22
SOVEREIGN SECTOR OUTLOOK REVISED TO NEUTRAL ON UKRAINE WAR IMPACT - FITCH RATINGS
The deterioration in global sovereign credit conditions this year relative to our expectations at end-2021 has caused Fitch Ratings to change its g ...
Saturday, 02 July 22
GLOBAL SEABORNE COAL EXPORTS IN 2021 INCREASED BY 4.4% Y-O-Y TO 1147 MLN TONNES - BANCHERO COSTA
In the full 12 months of 2021, global seaborne coal exports increased by +4.4% y-o-y to 1147 mln tonnes, from 1099 mln tonnes in 2020, according to ...
Friday, 01 July 22
INDIA'S TOP CEMENT MAKER PAYING FOR RUSSIAN COAL IN CHINESE YUAN - REUTERS
India’s biggest cement producer, UltraTech Cement ULTC.NS, is importing a cargo of Russian coal and paying using Chinese yuan, according to a ...
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- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- The University of Queensland
- Eastern Coal Council - USA
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
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