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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, 26 October 21
CHINA'S COAL-RICH SHANXI BEEFS UP COAL PRODUCTION - XINHUA
Major coal producers in north China’s Shanxi Province, a leading coal-producing region of the country, have beefed up production to ensure en ...
Tuesday, 26 October 21
ENERGY CRISIS SHOWS COAL IS AN EXPENSIVE AND UNRELIABLE SOURCE OF ELECTRICITY GENERATION - IEEFA
Any knee-jerk reaction that urges more investment in coal completely misses the point
India is teetering on the brink of joining a growing glo ...
Tuesday, 26 October 21
CHINA TO INVESTIGATE ENERGY INDEX PROVIDERS IN BID TO TAME COAL PRICES - REUTERS
China said on Monday it will investigate energy price index providers as it urged coal industry participants to “strictly” meet contrac ...
Tuesday, 26 October 21
THERE IS PLENTY OF COAL AND GAS IN THE WORLD BUT A VOLATILE MARKET IS NOBODY'S FRIEND - IEEFA
Gas will be winding its way out of the energy system
Gas prices are continuing to surge around the world. The cost of gas is at unpr ...
Tuesday, 26 October 21
AUSTRALIA EXPORTED 51.6 MLN TONNES OF COAL TO INDIA IN FIRST 10 MONTHS, 19% OF ALL AUSTRALIAN COAL EXPORTS; CHINA WAS THE DESTINATION FOR JUST 0.7% - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. In 2021 things started pretty badly, but we are seeing increasing signs of ...
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- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Economic Council, Georgia
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Planning Commission, India
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
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