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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, 30 June 22
INVESTMENT IN GLOBAL COAL SUPPLY CHAIN TO HIT $115 BN IN 2022, LED BY CHINA AND INDIA - BUSINESS LINE
At over $80 billion, China and India are anticipated to make up the bulk of global coal investment in 2022, says IEA.
The investment ...
Wednesday, 29 June 22
LNG MARKET REMAINS TIGHT - INTERMODAL
LNG market remains tight currently, mainly driven by the US LNG outage from the recent fire in Freeport LNG terminal together with the recent fall ...
Wednesday, 29 June 22
CHINA'S NEW PLAN FOR RENEWABLE ENERGY DEVELOPMENT FOCUSES ON CONSUMPTION - FITCH RATINGS
China’s focus on consumption penetration for renewable energy development in its recently released 14th five-year plan – 2021 to 2025 & ...
Wednesday, 29 June 22
APAC CORPORATE SECTOR OUTLOOKS SHIFT AMID GLOBAL SHOCKS - FITCH RATINGS’
Fitch Ratings’ mid-2022 corporate sector outlook review revealed that the Asia-Pacific (APAC) region saw the largest number of sector outlook ...
Thursday, 16 June 22
MARKET INSIGHT - INTERMODAL
Picking up from my last insight in March, on the early days of the invasion, it's worth pointing out the way that the fast-paced working enviro ...
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- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
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