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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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Thursday, 10 February 22
EIA ANALYSIS CONSIDERS DIFFERENT OUTCOMES FOR COAL MARKETS IN INDIA AND SOUTHEAST ASIA
In our International Energy Outlook 2021 (IEO2021) Issues in Focus: Uncertainty in Coal Trade in India and Greater Southeast Asia, we analyze three ...
Wednesday, 09 February 22
OIL PRICES: "IT'S GOING TO BE VERY EASY" TO GET TO $100/BARREL, ANALYST SAYS - YAHOO FINANCE
Energy and oil prices have been on fire over the last six months — and expect them to go higher, says one analyst.
“For ...
Wednesday, 09 February 22
MARKET INSIGHT - INTERMODAL
Iron ore prices have jumped significantly in the week prior to the Chinese New Year with traders and producers stocking up on raw materials. China& ...
Wednesday, 09 February 22
FEBRUARY HBA HITS RECORD HIGH IN 2022 ON INDONESIA’S EXPORT BAN IN JANUARY, WORSEN SUPPLY, UKRAINE TENSIONS
COALspot.com: Indonesian Coal Price Reference for February in a steep climb from January 2022.
As expected in January the Indonesia ...
Wednesday, 09 February 22
CHINESE COAL MARKS BEST DAY IN 4 MONTHS ON TIGHT SUPPLY, HIGH DEMAND - REUTERS
China’s coal futures on Tuesday recorded their best session since Bejing’s mid-October intervention to cool runaway prices, aided by co ...
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- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Medco Energi Mining Internasional
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