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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, 16 November 21
INDONESIA’S 2022 COAL USE FOR POWER GENERATION SET TO RISE 3% - REUTERS
Indonesia’s coal consumption for power generation is likely to rise by 3.1% next year compared to 2021, the head of the country’s state ...
Tuesday, 16 November 21
CHINA'S MONTHLY COAL OUTPUT RISES TO HIGHEST SINCE MARCH 2015 - REUTERS
China’s October coal output rose to the highest since at least March 2015, after Beijing approved a raft of coal mine expansions to tame reco ...
Friday, 12 November 21
RUSSIA-INDIA COKING COAL DEAL UNLIKELY TO IMPACT PANAMAX SHIPPING - DREWRY
Russia and India have recently entered into an agreement whereby Russia will supply up to 40 million tonnes of coking coal to India every year. Dre ...
Friday, 12 November 21
ASIA COAL POWER PIPELINE TO SHRINK BY TWO THIRDS AFTER CHINA FINANCE CUT - REUTERS
Asia’s pipeline of proposed coal-fired power plants is expected to shrink from 65 gigawatts to 22 gigawatts following China’s pledge to ...
Friday, 12 November 21
INDONESIAN COAL PRICE REFERENCE TOPS $215 A TON; THE HIGHEST COAL PRICE IN HISTORY
COALspot.com: Indonesian Coal Price Reference in a steep climb for most of second half of 2021 as it reached a pinnacle of $215.01 in November 2021 ...
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- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Planning Commission, India
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- GMR Energy Limited - India
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