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.
|
|
Friday, 04 February 22
RENEWABLES ON THE RISE, COAL CONTINUOUSLY FALLING - EUROPEAN COMMISSION
Although oil (34.5%) and natural gas (23.7%) were still the most important fuel sources in the EU energy mix in 2020, renewable energy’s shar ...
Thursday, 03 February 22
COAL SHORTAGE NOW AT ALARMING LEVELS, SAY ALUMINIUM PRODUCERS - IANS
With no relief in sight despite coal stocks running critically low and production disruptions looming across the Indian aluminium sector, the Alumi ...
Wednesday, 02 February 22
HIGH COKING COAL PRICES PROVIDE GLIMPSE INTO STEELMAKING'S FUTURE - MCKINSEY
Last year was a volatile one in global commodity markets. Demand for coking coal, an essential raw material in the production of steel, was extreme ...
Wednesday, 02 February 22
INDONESIA'S RESTRICTIONS ON COMMODITIES RATTLE MARKETS, MORE MOVES LIKELY - REUTERS
In just the first month of this year, Indonesian policymakers have rattled global markets with restrictions on some of its biggest commodities expo ...
Wednesday, 02 February 22
CHINA'S TOP COAL PRODUCER FORECASTS 28 PCT PROFIT GROWTH IN 2021 - XINHUA
China Shenhua Energy Company Limited, one of the country’s biggest coal producers, said its net profits are expected to jump by 28 percent in ...
|
|
|
Showing 356 to 360 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- PTC India Limited - India
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Planning Commission, India
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
|
| |
| |
|
