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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, 27 January 22
2022 - A YEAR OF REBALANCING FOR METALS AND MINING - WOOD MACKENZIE
If 2021 was the year of rebound for metals and mining (M&M) commodities, then 2022 is shaping as the year of rebalance, says Wood Mackenzie, a ...
Wednesday, 26 January 22
MARKET INSIGHT - INTERMODAL
While it is logical that most of the S&P reports of the first weeks of the year are linked to very limited activity as reflected in the weekly ...
Wednesday, 26 January 22
INDONESIA: DME PROJECT IS ECONOMICALLY VIABLE AS STUDY DEMONSTRATES
The government is encouraging downstream coal processing or increase in coal added value, for example by turning coal into Dimethyl Ether (DME) to ...
Wednesday, 26 January 22
COMMODITY PRICES COULD SOAR IF THE RUSSIA-UKRAINE CRISIS ESCALATES - ING
It appears that a number of commodity markets are starting to at least price in some geopolitical risk around the growing tension between Russia an ...
Wednesday, 26 January 22
INDONESIA'S COAL BAN SENDS PRICES SOARING, OTHER EXPORTERS FAIL TO STEP UP - REUTERS
Indonesia’s short-lived ban on exporting coal has sent ructions through the seaborne market for the fuel in Asia, with the fallout likely to ...
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- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
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