We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Thursday, 30 June 22
FINANCIAL GAINS SUPPORT COAL TRANSITION - BALTIC EXCHANGE
Support for the shift away from coal dependency continues to mount, with the International Monetary Fund (IMF) calculating that the move would gene ...
Thursday, 30 June 22
WHY ARE LNG SHIPPING STOCKS RESILIENT? - DREWRY
LNG shipping stocks are proving resilient despite uncertainties about growth in global GDP, high inflation and the ongoing geopolitical crisis caus ...
Thursday, 30 June 22
SPOT AUSTRALIAN THERMAL COAL HAS SURGED, BUT CONTRACT PRICE IS KEY - REUTERS
The spot price of Australian thermal coal is higher than that of coking coal, an unprecedented situation that highlights just how the global market ...
Thursday, 30 June 22
SHANXI PROVINCE RAISES ANNUAL COAL OUTPUT TO 1.3 BILLION TONS TO ENSURE CHINA’S ENERGY SUPPLY - GLOBAL TIMES
North China’s Shanxi Province, a major coal-producing region, recently announced a move to increase its annual coal production output by 107 ...
Thursday, 30 June 22
DIVERGENCE BETWEEN HIGH- AND LOW-GRADE THERMAL COAL PRICES IN APAC TO NARROW - FITCH RATINGS
Prices between high- and low-grade thermal coal in Asia-Pacific (APAC) have diverged since late March 2022, but Fitch Ratings expects the gap to na ...
|
|
|
Showing 311 to 315 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- White Energy Company Limited
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Australian Coal Association
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
|
| |
| |
|
