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$66 million from third party minority holders.
Source: Insider Stories
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 29 March 22
MEMR OF INDONESIA HAS FIXED COAL PRICE AT US$ 90 PER TONNE FOR DOMESTIC INDUSTRIES EXCEPT SMELTER INDUSTRIES; FOR PLN USD 70 IS APPLICABLE
Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif has set the selling price of coal for domestic, industrial except metal processing an ...
Monday, 21 March 22
A FORCE MAJEURE TO BE RECKONED WITH - BALTIC EXCHANGE
Sanctions cause payment confusion
This dispute in MUR Shipping BV v. RTI Ltd [2022] EWHC 467 (Comm) related to an owner’s purported exercis ...
Monday, 21 March 22
CHINA'S COAL OUTPUT UP 10.3 PCT IN FIRST TWO MONTHS - XINHUA
China’s raw coal output posted fast growth in the first two months of 2022, while coal imports continued to shrink, official data showed.
...
Tuesday, 15 March 22
INDUSTRY VETERANS & ORGANIZATIONS HONOURED WITH THE PRESTIGIOUS SHIPTEK INTERNATIONAL AWARDS 2022
Press Release: The 15th edition of the prestigious ShipTek International Conference & Awards 2022 concluded successfully from March 7th - 8th 2 ...
Tuesday, 15 March 22
CHINA'S COAL OUTPUT GROWS TO STABILIZE MARKET SUPPLY - XINHUA
China’s coal market has seen growth in output since late February amid the country’s efforts to stabilize production and ensure supply, ...
|
|
|
Showing 336 to 340 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- The University of Queensland
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
|
| |
| |
|
