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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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Showing 41 to 45 news of total 6871 |
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- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- The University of Queensland
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Economic Council, Georgia
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
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