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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, 04 November 21
FASTER DECARBONISATION: BACK TO BASICS FOR THE MINING INDUSTRY? - WOOD MACKENZIE
To the uninitiated, rugby is a technical and complicated game. As young schoolboys it was all a wee bit confusing and we invariably ended up on the ...
Wednesday, 03 November 21
CHINA TO LAUNCH NEW DATA MONITORING SYSTEM, TARGETING COAL MARKET SPECULATION, HOARDING - GLOBAL TIMES
China’s top economic planner announced on Sunday a new data system for supervising the implementation of medium- and long-term contracts of c ...
Wednesday, 03 November 21
CHINA’S STATE PLANNER SAYS COAL SUPPLY IMPROVING, PRICES STABILISING - REUTERS
China’s coal supply situation has seen significant improvement with joint efforts from coal producers, logistics and downstream users, while ...
Wednesday, 03 November 21
HIGHER COKING COAL PRICES TO PARE PROFITABILITY OF STEELMAKERS IN SECOND HALF OF FY22 - CRISIL RATINGS
The operating margin of primary steelmakers will reduce by a third to 24-26% in the second half of this fiscal versus the first half as input cost ...
Wednesday, 03 November 21
MARKET INSIGHT - INTERMODAL
November is here and soon the all time seasonal favorite “all I want or Christmas is you” by Mariah Carey will be played in radio stati ...
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- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Australian Coal Association
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- The University of Queensland
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Central Electricity Authority - India
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
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