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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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Saturday, 16 October 21
DESPITE HIGHER COAL PRICES, U.S. COAL RECOVERY LOOKS WEAK BY MOST MEASURES - IEEFA
U.S. coal sector is locked into a long-term sectoral decline
Coal prices have surged to the highest level in years in the U.S., and have soare ...
Saturday, 16 October 21
COAL IS 'KING' AS GAS PRICES SOAR, TOTAL CEO SAYS - AND IT’S BACKFIRING ON CLEANER ENERGY GOALS - CNBC
Surging natural gas prices have led to a jump in coal use, with plants in Europe and Asia firing back up as temperatures decline and the world grap ...
Saturday, 16 October 21
VIETNAM'S COAL-FIRED POWER MAY DOUBLE BY 2030 UNDER DRAFT ENERGY PLAN - REUTERS
Vietnam may double the amount of coal-fired electric generation it installs by 2030 under a draft power development plan submitted to the prime min ...
Friday, 15 October 21
AUSTRALIA'S WHITEHAVEN EXPECTS TO BE DEBT-FREE NEXT YEAR AS COAL PRICES SOAR - REUTERS
Australia’s Whitehaven Coal WHC.AX said on Thursday it expects to be debt-free by early 2022, as thermal coal prices surge to record highs on ...
Friday, 15 October 21
WINTER CHILL KEEPS CHINA'S COAL PRICES HIGH, POWER CRUNCH STOKES INFLATION - REUTERS
China coal prices held near record highs on Thursday as cold weather swept into the country’s north and power plants stocked up on the fuel t ...
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- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- The University of Queensland
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
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