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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, 23 December 21
COAL DEMAND TO PEAK IN INDIA BY 2030, WILL BACK UP RENEWABLES: NITI REPORT - BUSINESS STANDARD
Coal will remain India’s mainstay energy source and the country will shape global demand this decade, two reports have said a month after the ...
Thursday, 23 December 21
INDONESIA’S 2022 COAL OUTPUT SEEN BETWEEN 637 MLN-664 MLN T- OFFICIAL - REUTERS
Indonesia’s 2022 coal output is estimated at between 637 million to 664 million tonnes based on production plans currently being finalised, s ...
Thursday, 23 December 21
VALE ANNOUNCES THE SALE OF ITS COAL ASSETS
Vale informs that, on this date, it has entered into a binding agreement with Vulcan to sell the Moatize coal mine and the Nacala Logistics Corrido ...
Thursday, 23 December 21
INDIA: CAPTIVE POWER PRODUCERS URGE GOVT TO ENSURE NORMAL COAL SUPPLIES - PTI
A captive power producers’ association has urged the government for 100 per cent normalisation of coal supply to captive power producers whil ...
Thursday, 23 December 21
MARKET INSIGHT - INTERMODAL
As an outstanding year for the dry bulk freight market comes to a close, so does a thriving year for the SnP market which can only be compared to 2 ...
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- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- White Energy Company Limited
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Minerals Council of Australia
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Australian Coal Association
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