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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, 07 December 21
COAL FIRMS SEE SHARE PRICES SURGE MONDAY, AFTER GOVERNMENT READJUSTS CONTRACT PRICES - GLOBAL TIMES
Share prices of China’s coal enterprises jumped on Monday on the A-share market following a nationwide adjustment to annual thermal coal pric ...
Monday, 06 December 21
CHINA SETS 2022 ANNUAL THERMAL COAL PRICES AT 700 YUAN/T - MEDIA: REUTERS
China’s top economic planner has proposed to set annual thermal coal prices for 2022 at between 550 yuan and 850 yuan ($86-$133) per tonne, a ...
Thursday, 02 December 21
BUMI RECORDED US$ 666.18 MILLION AS REVENUE IN THE 3RD QUARTER, UP 13.31% YOY
PT Bumi Resources Tbk and its subsidiaries have recorded a surge in revenue in the third quarter of 2021. BUMI has recorded US$ 666.18 million as r ...
Thursday, 02 December 21
CHINA'S COAL CRUNCH IS OVER, BUT PRICES ARE STILL TOO HIGH - REUTERS
China’s coal crisis has largely been resolved with gains in both production and stockpiles sufficient to ensure power supplies over winter.
...
Wednesday, 01 December 21
2022 OUTLOOK: INDONESIAN COAL MINING - FITCH RATINGS
Fitch Ratings has a neutral outlook on the Indonesian coal sector for 2022.
Earnings generation should slow down as selling pr ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- The University of Queensland
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
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