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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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Tuesday, 26 April 22
CHINA'S APPETITE FOR BAUXITE HITS NEW RECORD AS Q1 IMPORTS JUMP 15.4% Y/Y - BIMCO
Bauxite shipments arriving in China hit new record levels in the first quarter of 2022 and grew at an average annual rate of 12.8% between 2017 and ...
Tuesday, 26 April 22
INDIA'S COAL IMPORTS ARE SHIFTING, THERMAL MORE THAN COKING - REUTERS
India’s coal imports are starting to reflect shifting world trade and pricing dynamics in the wake of Russia’s invasion of neighbouring ...
Monday, 18 April 22
GERMAN COAL IMPORTERS EXPECT A BRIEF SPIKE IN PRICES ON EU BAN - REUTERS
A European Union embargo on Russian coal imports will push up prices in the short term before alternative supplies become available to steady the c ...
Monday, 18 April 22
FINNISH 'LOOPHOLES' ALLOW IMPORTS OF RUSSIAN COAL AND OIL TO CONTINUE - EURONEWS
Activists in Finland are calling for the government to clamp down faster on state-owned companies that continue to import raw materials from Russia ...
Monday, 18 April 22
GOVT IN DISCUSSION WITH WORLD BANK ON FRAMEWORK FOR COAL MINE CLOSURE - BUSINESS STANDARD
The coal ministry is in discussions with the World Bank for collaboration on the mine closure framework, a government official said on Wednesday.
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- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Minerals Council of Australia
- Posco Energy - South Korea
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