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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, 13 October 21
MARKET INSIGHT - INTERMODAL
Following up on our insight on May 2021, where we discussed about the Capesize market outlook for the second half of the year, we are pleased to se ...
Wednesday, 13 October 21
FBX INDEX: THE IMPOSSIBILITY OF SHORT-TERM FORECASTING - LARS JENSEN
Will freight rates on Asia-Europe or the Transpacific reach 40.000 USD/FFE in the run-up prior to Chinese New Year 2022? Or will they start droppin ...
Wednesday, 13 October 21
CHINA FLOODS: COAL PRICE HITS FRESH HIGH AS MINES SHUT - BBC
The price of coal used in China’s power plants has surged to a new record high as another of the country’s key mining regions is hit by ...
Tuesday, 12 October 21
BUMA SIGNS CONDITIONAL AGREEMENT FOR AUSTRALIAN ASSET ACQUISITION
PT Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama, through its newly incorporated Australian subsidiary, BUMA International Pty ...
Tuesday, 12 October 21
INDONESIA'S COAL-BASED POWER PLANTS ARE SUBJECT TO CARBON TAX NEXT YEAR, ELECTRICITY COSTS COULD RISE! - CNBC
The Indonesian government is planning plans to implement a carbon tax of IDR 30 per kilogram (kg) of carbon dioxide equivalent (CO2e) or equivalent ...
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- Cement Manufacturers Association - India
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Australian Coal Association
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- The University of Queensland
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Planning Commission, India
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Latin American Coal - Colombia
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
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