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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, 15 October 21
GLOBAL STEEL DEMAND GROWTH DOWNGRADED FOR 2021 DUE TO CHINA - WORLD STEEL ASSOCIATION
The World Steel Association (worldsteel) today released an update of its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that ste ...
Thursday, 14 October 21
SPIKING COAL PRICES: DON’T BLAME THE ENERGY TRANSITION - IEEFA
Volatility highlights urgency for renewables-based energy solutions
“Energy crisis.” The phrase evokes nearly-forgotten ...
Thursday, 14 October 21
EIA FORECASTS U.S. COAL PRODUCTION TOTALS 588 MMST IN 2021, UP 53 MMST YOY
U.S. coal production in EIA's forecasts totals 588 million short tons (MMst) in 2021, 53 MMst more than in 2020.
According ...
Wednesday, 13 October 21
COAL PRICES ARE ROARING BACK AMID A GLOBAL ENERGY CRUNCH - SYDNEY MORNING HERALD
Soaring coal prices have placed Australia’s mining and energy exports on track to reach a record $349 billion this year evenas the value of t ...
Wednesday, 13 October 21
CHINA ISN'T THE ONLY HUGE ASIAN ECONOMY WITH A COAL SHORTAGE NOW - CNBC
China is not the only Asian giant grappling with an energy crunch — India is also teetering on the edge of a power crisis.
Mos ...
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- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
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