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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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Thursday, 11 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 ...
Tuesday, 09 November 21
ASIA-PACIFIC IS HOME TO SOME OF THE WORLD'S LARGEST CARBON-EMITTERS - 2 CHARTS SHOW ITS RELIANCE ON COAL - CNBC
Asia-Pacific is home to some of the world’s largest carbon emitters — and experts say much of global efforts to fight climate change de ...
Tuesday, 09 November 21
CHINA DAILY COAL OUTPUT HITS MULTI-YEAR PEAK, PRICES EXPECTED TO FALL - REUTERS
China’s daily coal output hit 11.93 million tonnes last week, a multi-year high as more capacity returned to operation, the state planner sai ...
Thursday, 04 November 21
CHINA'S COAL MARKET SEES SIGNIFICANT IMPROVEMENTS: NDRC - GLOBAL TIMES
China’s top economic planner has declared initial success in its efforts to ensure coal supply and stabilize prices, saying that daily coal o ...
Thursday, 04 November 21
CHINA THERMAL COAL PRICES RISE AFTER FALLING FOR 10 DAYS - REUTERS
China thermal coal futures rebounded on Wednesday after falling for 10 days on an expected jump in fuel demand to meet heating needs amid forecasts ...
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- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- The University of Queensland
- Planning Commission, India
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Parliament of New Zealand
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
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