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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, 01 December 21
SUPPLY OF COAL TO POWER PLANTS IN NOV MORE THAN CONSUMPTION: JOSHI - PTI
The supply of coal to power plants in November is more than the consumption, resulting in rise in stock of dry fuel at power plants, and this trend ...
Wednesday, 01 December 21
MARKET INSIGHT - INTERMODAL
Essentially, anyone involved in the shipping and commodity markets still struggle with commodity supply issues and skyrocketing prices in the conte ...
Tuesday, 30 November 21
CHINA'S TOP ECONOMIC PLANNER SUMMONS COAL PRODUCERS; LONG-TERM PRICING MECHANISM IS ADVISED - GLOBAL TIMES
China’s top economic planner the National Development and Reform Commission (NDRC) said on Monday that they summoned coal producers for a hea ...
Tuesday, 30 November 21
CHINA'S COAL PRICES PLUNGE AFTER GOVT SIGNALS MORE PRICE REGULATION - REUTERS
China’s thermal coal futures dropped 5.6% on Monday after the state economic planner signaled further regulations for prices of the dirty pow ...
Friday, 26 November 21
AS COAL MARKET STABILIZES, CHINA STEPS UP NATURAL GAS SUPPLY TO MEET WINTER DEMAND - GLOBAL TIMES
The daily supply of natural gas in China has exceeded 1 billion cubic meters (bcm) since November began, up 11 percent year-on-year, data from stat ...
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- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
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