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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, 18 April 22
DEMAND FOR THERMAL COAL TO RISE DUE TO INCREASE IN ELECTRICITY DEMAND: INDIAN COAL MINISTRY - PTI
Coal block allocatees have a golden opportunity to augment production as the demand for thermal coal will rise due to an increase in electricity de ...
Tuesday, 05 April 22
INDONESIAN COAL PRICE REFERENCE HITS RECORD ABOVE $288
COALspot.com: Indonesian Coal Price Reference for April in a steep climb from March 2022.
As expected, Russia – Ukraine war dr ...
Thursday, 31 March 22
CHINA STATE PLANNER ASKS COAL INDEX PROVIDERS TO RECTIFY IRREGULARITIES - REUTERS
China’s state planner has asked some major coal price index providers to rectify “severe irregularities” it had identified in the ...
Thursday, 31 March 22
IMPORTED COAL PRICES TO JUMP 55% IN APR-JUN, IMPACT INDIAN FIRMS: ICRA - LIVEMINT
Supply disruption owing to the Russia-Ukraine conflict could push the price of imported coal by 45-55% in Q1FY23 compared to the previous quarter, ...
Thursday, 31 March 22
CHINA'S COAL OUTPUT SET FOR MODERATE GROWTH IN 2022 - INDUSTRY BODY - REUTERS
China is expected to see its coal output to grow further in 2022 after hitting a record last year, an industry body forecast on Wednesday, as the c ...
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- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- The University of Queensland
- CNBM International Corporation - China
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
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