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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, 08 March 22
RUSSIA-UKRAINE CONFLICT ADDS IMPETUS TO ASIA'S ENERGY TRANSITION - IEEFA
Clean energy alternatives are a crucial hedge against future disruptions in global commodity markets
Russia’s invasion of Ukra ...
Tuesday, 08 March 22
THE HIGH COST OF INDONESIA’S DOWNSTREAM COAL PROJECTS IS UNDERESTIMATED - IEEFA
Three Indonesian ministries have come up with a DME purchase price of US$378/tonne fixed for 20 years compared to IEEFA’s US$601/tonne estima ...
Wednesday, 02 March 22
SHIPPING MARKET INSIGHT - INTERMODAL
The escalating confrontation between Russia and Ukraine has the potential to disrupt global order and set the world back a few decades. While count ...
Tuesday, 22 February 22
THE DRY BULK MARKET HAS MOVED ON A POSITIVE TRACK - ALLIED
The dry bulk market has moved on a positive track as of the past couple of weeks or so. Following the typical softening in freight conditions durin ...
Tuesday, 22 February 22
CHINA'S DAILY OUTPUT OF COAL REBOUNDS TO OVER 12 MLN TONNES - REUTERS
China’s coal output returned to more than 12 million tonnes per day as of Feb. 20, the country’s state planner said on Monday, a level ...
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- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
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