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.
|
|
Thursday, 17 February 22
MAJOR INSTITUTIONS PROVIDED OVER $1.5 TRLN TO COAL SECTOR IN 2019-2021, SAYS NGO GROUP - REUTERS
Financial institutions channelled more than $1.5 trillion into the coal industry in loans and underwriting from January 2019 to November 2021, even ...
Thursday, 17 February 22
APAC THERMAL COAL PRICES TO EASE ON END OF INDONESIA EXPORT BAN - FITCH RATINGS
Fitch Ratings-Shanghai/Singapore-14 February 2022: APAC thermal coal prices are likely to come under pressure in the near term due to seasonally we ...
Tuesday, 15 February 22
IS ANOTHER COAL SHORTAGE CRISIS LOOMING OVER INDIA? - BUSINESS STANDARD
In December last year, the Federation of Indian Mineral Industries (FIMI) shot off a letter to the Prime Minister claiming that the coal crisis was ...
Tuesday, 15 February 22
THERMAL COAL'S RECORD PRICE RUN MAY END UP ITS OWN WORST ENEMY - REUTERS
The price of benchmark Australian thermal coal rose last week to trade near record highs, providing a short-term boost to producers but increasing ...
Thursday, 10 February 22
INDONESIA: COAL EXPORT BAN - SKULD
Indonesia's coal export ban in the light of force majeure and off-hire clauses
In January 2022, Indonesia, the world's biggest exporte ...
|
|
|
Showing 346 to 350 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- The University of Queensland
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
|
| |
| |
|
