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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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Wednesday, 20 October 21
CHINA COAL HITS RECORD HIGH AMID TIGHT SUPPLIES - REUTERS
China coal prices hit a record high on Tuesday buoyed by a widening power crunch and cold weather despite Beijing’s efforts to bolster supply ...
Wednesday, 20 October 21
MARKET INSIGHT - INTERMODAL
IMO 2020, Ballast Water Treatment regulations, Green Recycling, GHG emissions, EEXI, CII, ETS, Fit for 55, Carbon price/levy, the Poseidon Principl ...
Tuesday, 19 October 21
SPONGE IRON SECTOR MIGHT REPORT NEGATIVE GROWTH DUE TO COAL CRISIS: SIMA - PTI
The domestic sponge iron industry might report a negative growth in the ongoing December quarter “if the shortage of coal is allowed to conti ...
Tuesday, 19 October 21
COAL INDIA, THE FALL GUY FOR POWER CRISIS - INDIA EXPRESS
The post-Covid economic recovery has led to a major increase in the demand for power, both in India and globally. In India, coal-based power plants ...
Saturday, 16 October 21
SOLAR INSTALLATION SURGE PUTS INDIA ON TRACK TO CAP COAL-FIRED POWER AS EARLY AS 2024 - IEEFA
Recent increase in solar power installations could push coal to peak sooner than expected
If India keeps installing solar capacity a ...
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- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Economic Council, Georgia
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Australian Coal Association
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
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