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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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Friday, 21 January 22
CHINA'S POWER TRADING TARIFFS TO RISE IN 2022 - FITCH RATINGS
Rising trading volume and higher-than-benchmark tariffs in the 2022 bilateral contracts signed between Chinese power generation companies (gencos) ...
Thursday, 20 January 22
CHINESE COAL JUMPS OVER 6% ON PRE-HOLIDAY SUPPLY WORRY - REUTERS
China’s thermal coal futures soared more than 6% on Wednesday, hitting a level last seen in late November as investors grew concerned over ti ...
Thursday, 20 January 22
VIETNAM: COAL SECTOR SEES POSITIVE PROSPECT IN 2022 - VNA
With many signs of rising demand for coal in various economic sectors in 2022, the Vietnam National Coal – Mineral Industries Group (Vinacomi ...
Wednesday, 19 January 22
MARKET INSIGHT - INTERMODAL
Since the beginning of the year, we have been witnessing the BDI correcting downwards with sizable drops across all segments. Latest similar levels ...
Sunday, 09 January 22
INDONESIA MINISTER SAYS 'EMERGENCY OVER' ON COAL SUPPLY CRUNCH - REUTERS
Indonesia’s power emergency which has triggered a coal export ban is over but the government will still continue to discuss policies in this ...
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- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Planning Commission, India
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
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