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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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Tuesday, 14 December 21
COAL LOCK-IN IN SOUTHEAST ASIA PRESENTS A CHALLENGE FOR THE ASIAN DEVELOPMENT BANK'S COAL RETIREMENT PLAN - IEEFA
In August, the Asian Development Bank (ADB) announced an ambitious plan to buy high emissions coal-fired power plants in Southeast Asia and retire ...
Saturday, 11 December 21
BUNKER BUYERS LOSE UP TO $5/MT FOR NOT COVERING ENOUGH SUPPLIERS - INTEGR8 FUELS
With the Brent price recently touching the $80 mark and before the Omicron variant concerns pushed it lower, bunker prices reached levels not seen ...
Tuesday, 07 December 21
SUPERCYCLE DEMAND: ARE WE THERE YET? - WOOD MACKENZIE
Taking young children on a long journey is fraught with challenges, not least the inevitable question a few minutes after leaving: are we there yet ...
Tuesday, 07 December 21
COAL WOULD REMAIN ENERGY LEADER FOR AT LEAST 15 YEARS - LIVEMINT
Coal India Ltd (CIL) has been in the eye of the storm after fuel stocks at coal-fuelled power plants depleted in October. Fuel stocks since are bei ...
Tuesday, 07 December 21
GLOBAL SHIPPING OUTLOOK TURNS STABLE FROM POSITIVE ON THE BACK OF PEAKING EARNINGS DURING 2021 - MOODY'S
The outlook for the global shipping industry is changed to stable from positive for the next 12 to 18 months due to demand slightly outstripping su ...
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- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
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