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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, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Deloitte Consulting - India
- PTC India Limited - India
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
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