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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, 25 October 21
A QUESTION OF POSSESSION - THE BALTIC EXCHANGE
Possession and tangibility are closely related concepts long established under English law. Yet a change to these concepts is around the corner. Th ...
Monday, 25 October 21
CHINA VOWS TO SEVERELY PUNISH MARKET VIOLATIONS AMID LOW COAL FUTURES PRICES - GLOBAL TIMES
Domestic coal futures had plunged for three consecutive trading days after the government vowed to crack down on soaring prices, and China’s ...
Monday, 25 October 21
FARMERS MAY JOIN THE COAL COMMODITY MARKET TO REDUCE RISKS - GLOBAL TIMES
A recent trip to by the Global Times to East China’s Shandong Province to get a glimpse of China’s coal supply chain revealed a surpris ...
Monday, 25 October 21
CHINA COAL PRICES MARK WORST WEEK SINCE MAY ON GOVERNMENT INTERVENTION - REUTERS
China’s thermal coal futures plunged on Friday and turned in their worst week in five months, following Beijing’s strongest interventio ...
Friday, 22 October 21
THE BIG PICTURE: ENERGY MARKETS - BREAK WAVE ADVISORS
The shipping markets have been pulled further into wild markets of coal and other energy sources. Given how nebulous this sector is, it’s alw ...
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- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
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