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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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Friday, 26 November 21
CHINA FINDS COMPLIANCE PROBLEMS IN COAL PRICE INDEX PROBE - REUTERS
China’s state planner on Wednesday said it had discovered some “noncompliant” behaviour among coal price index providers as it an ...
Thursday, 25 November 21
SE ASIA POWER DEMAND TO RISE AS STATE SUPPORT MITIGATES COVID-19 IMPACT - FITCH RATINGS
Electricity demand in south-east Asia is likely to increase in 2021, following slow growth or contraction in 2020, thanks to state support that has ...
Thursday, 25 November 21
FITCH RATINGS INCREASES MOST GLOBAL METALS AND MINING PRICE ASSUMPTIONS - FITCH RATINGS
Fitch Ratings has increased most metals and mining price assumptions, particularly those that benefit from increased longer-term demand due to glob ...
Thursday, 25 November 21
CHINA'S COAL PRICE DROPS IN MID-NOVEMBER AMID GOVERNMENT’S SWEEPING MEASURES - GLOBAL TIMES
China’s coal prices have dropped significantly in mid-November compared with the beginning of the month, with the price of coking coal and co ...
Wednesday, 24 November 21
MARKET INSIGHT - INTERMODAL
Inflation is the word that has dominated the meetings of foreign leaders and finance ministers in recent weeks, as rising energy costs, supply chai ...
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- Global Business Power Corporation, Philippines
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- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
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- Directorate General of MIneral and Coal - Indonesia
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- Holcim Trading Pte Ltd - Singapore
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- European Bulk Services B.V. - Netherlands
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- The State Trading Corporation of India Ltd
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- Parliament of New Zealand
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- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
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- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- IHS Mccloskey Coal Group - USA
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- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
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- Bangladesh Power Developement Board
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- Billiton Holdings Pty Ltd - Australia
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- Videocon Industries ltd - India
- Anglo American - United Kingdom
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- Georgia Ports Authority, United States
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- Indogreen Group - Indonesia
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
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- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
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- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
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- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
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- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
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- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
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- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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