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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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Monday, 11 October 21
COAL ABANDONMENT IN POWER GENERATION PROMOTED GAS DEMAND GROWTH IN EUROPE - TOP MANAGER: TASS
Accelerated abandonment of coal in power generation and the overall recovery of economic activity facilitated gas demand growth in Europe and led t ...
Saturday, 09 October 21
CHINA POWER CUTS: COAL MINERS ORDERED TO BOOST OUTPUT, SAY REPORTS - BBC
Beijing has reportedly ordered China’s coal mines to boost output as an energy shortage across the country has seen millions of homes and bus ...
Friday, 08 October 21
SEPTEMBER CRUDE OIL TANKER DEMOLISHING HITS 39-MONTHS HIGH AT 1.9M DWT - PETER SAND
Has the lid finally come off for crude oil tanker demolition in 2021? If judged by the 1.9m DWT of capacity that was removed in September, the answ ...
Friday, 08 October 21
COAL SHORTAGE MAY LEAD TO RISE IN STEEL PRICES IN COMING MONTHS: JSPL MD - PTI
Steel prices are expected to increase in the coming months as companies are buying coal at three times the rates a month ago, said a top industry e ...
Wednesday, 06 October 21
INDONESIA COAL PRICE REFERENCE: ANOTHER MONTH, ANOTHER RALLY
COALspot.com: Indonesian Coal Price Reference in a steep climb for most of second and third quarters of 2021 as it reached a pinnacle of $161.63 Oc ...
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- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- The University of Queensland
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Planning Commission, India
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Minerals Council of Australia
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
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