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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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Monday, 01 November 21
COAL PRICES HAVE FURTHER ROOM TO DROP: TOP ECONOMIC PLANNER - GLOBAL TIMES
China’s top economic planner said coal prices have further room to drop on Friday, as the most traded coal futures dropped to below 1,000 yua ...
Saturday, 30 October 21
CHINA'S COAL PRICES SEE BIGGEST WEEKLY FALL IN MORE THAN 5 YEARS - REUTERS
China’s coal futures prices saw their biggest fall in more than five years after the powerful state planner said there is still room to adjus ...
Saturday, 30 October 21
G-20 LEADERS PREPARE STATEMENT TO STOP FUNDING FOREIGN COAL PLANTS - BLOOMBERG
Leaders of the Group of 20 wealthy economies are preparing to pledge to stop funding foreign coal-fired plants, but are still wrangling over climat ...
Friday, 29 October 21
APAC THERMAL COAL SUPPLY TO REMAIN TIGHT AS WINTER LOOMS - FITCH RATINGS
APAC thermal coal prices have surged, hitting historically high levels. The benchmark Newcastle 6,000kcal/kg grade coal reached USD228/tonne in mid ...
Thursday, 28 October 21
CANADA BAN ON SHIPPING COAL WOULD EQUAL SCRAPPING AS MANY AS 3 MILLION CARS - IEEFA
Canada ban on shipping coal would equal scrapping as many as 3 million cars
Change in Canadian policy could have major implications ...
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- The Treasury - Australian Government
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Independent Power Producers Association of India
- The University of Queensland
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- White Energy Company Limited
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
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