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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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Friday, 22 October 21
CHINA WANTS TO COOL COAL PRICES. SIMILAR MOVES FOR METALS, CRUDE FAILED - REUTERS
China’s latest attempt to lower runaway commodity prices, this time for thermal coal, is likely to follow a familiar pattern of initial succe ...
Friday, 22 October 21
HARD COAL REMAINS AN IMPORTANT FACTOR FOR SECURITY OF SUPPLY - COAL IMPORTERS ASSOCIATION, GERMANY
- Hard coal remains an important factor for security of supply
- Increase of around 35% in hard-coal-fired power generation in the first three ...
Wednesday, 20 October 21
CHINA'S COAL SHORTAGE TO EASE IN COMING MONTHS, INDUSTRY BODY SAYS - REUTERS
China’s coal shortage will likely ease in coming months, with domestic production and imports already showing signs of picking up, a coal ind ...
Wednesday, 20 October 21
CHINA'S RAW COAL OUTPUT DROPS IN SEPTEMBER - XINHUA
China’s raw coal output dropped 0.9 percent year on year to 330 million tonnes last month, data from the National Bureau of Statistics (NBS) ...
Wednesday, 20 October 21
OVER-RELIANCE ON COAL IN OUR POWER MIX HURTING INDIA - LIVEMINT
In spite of the renewables push, coal still accounts for about 50% of India’s installed power capacity. That means a simultaneous demand and ...
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- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- PTC India Limited - India
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
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