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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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Wednesday, 05 January 22
CHINA COAL FUTURES SURGE ON SUPPLY WORRIES AMID INDONESIA EXPORT BAN - REUTERS
China’s thermal coal futures surged by as much as 7.8per cent to kick off 2022 on concerns of supply disruptions after Indonesia, its biggest ...
Wednesday, 05 January 22
INDONESIA WARNS COAL SUPPLY CRUNCH NOT OVER AS CHINA PRICES RALLY - REUTERS
Indonesia has warned that its coal supply situation remains critical, ahead of Wednesday’s (Jan 5) review of its export ban, unnerving global ...
Tuesday, 28 December 21
INDIA'S ADANI NEARS FIRST COAL SHIPMENT FROM SHUNNED AUSTRALIAN MINE - REUTERS
India’s Adani Group ADEL.NS is preparing to ship the first coal cargo from Australia’s most controversial mine, after battling a seven- ...
Thursday, 23 December 21
COAL TO STAY AS MAJOR SOURCE OF ENERGY IN FORESEEABLE FUTURE: JOSHI - BUSINESS STANDARD
Coal will stay as a major source of energy in the foreseeable future as it is an affordable source of energy with substantial reserve, Parliament w ...
Thursday, 23 December 21
ANNUAL U.S. COAL-FIRED ELECTRICITY GENERATION WILL INCREASE FOR THE FIRST TIME SINCE 2014 - EIA
From December 20 through December 30, Today in Energy will feature some of our favorite articles from 2021. Today’s article was originally pu ...
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- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- The University of Queensland
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
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