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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, 24 November 21
WHY THIS MINING ANALYST IS UPBEAT ON THE IRON ORE PRICE FORECAST - MOTLEY FOOL
In many ways, 2021 can be called the year of the iron ore price. Much of the talk of the ASX town this year has revolved around this key economic m ...
Wednesday, 24 November 21
PRICE OF CHINA’S COAL FUTURE DROPS BY 60% AS NATIONWIDE DAILY OUTPUT REACHES OVER 12 MILLION TONS: NDRC - GLOBAL TIMES
China’s daily coal output has now stabilized after reaching over 12 million tons and the price of coal futures has declined to 800 yuan ($125 ...
Friday, 19 November 21
CHINA: COAL SUPPLIES TO STABILIZE FOR COMING COLD SEASON
China is capable of ensuring stable coal supplies this winter and next spring with the increase in coal production and the rising stockpiles at pow ...
Wednesday, 17 November 21
MARKET INSIGHT - INTERMODAL
It has been another declining week for the dry bulk market and evidently, we are seeing asset values gradually losing momentum as well. Following a ...
Tuesday, 16 November 21
EARNINGS RECOVERY IN INDONESIAN COAL TO CONTINUE THROUGH 2021, BUT SLOW IN 2022 - FITCH RATINGS
The recovery in the operating and financial performance of Indonesian coal miners and coal contractors is likely to slow in 2022, but coal prices s ...
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- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Minerals Council of Australia
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Planning Commission, India
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- The University of Queensland
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
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