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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, 06 October 21
EUROPEAN COAL FUTURES CLIMB TO 13-YEAR PEAK - REUTERS
European coal futures rose to a 13-year high and physical thermal coal prices were at record highs as rallying gas prices and strong Asian demand f ...
Tuesday, 05 October 21
CAPESIZE MARKET WAS IN A STEEP CLIMB FOR MOST OF THIS WEEK - BALTIC EXCHANGE
Capesize
The Capesize market was in a steep climb for most of this week as it reached a pinnacle of $74,786 Wednesday before stalling, regather ...
Wednesday, 29 September 21
THE WRITING IS ON THE WALL: AUSTRALIA’S COAL ERA IS OVER - YAHOO!FINANCE
As the fringe of Australian politics strives to pump up the coal industry, facts show that coal production has started its long run decline.
&n ...
Wednesday, 29 September 21
SURGING COAL PRICES SPLIT ASIAN BUYERS INTO RICH AND POOR - REUTERS
As seaborne coal in Asia trades at, or near, record highs, there are early signs of demand destruction, especially among price-sensitive buyers suc ...
Wednesday, 29 September 21
MARKET INSIGHT - INTERMODAL
Tanker Asset values have surprised to the upside, despite the downward pressure on the freight market. Tanker rates have been hovering close to the ...
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- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Economic Council, Georgia
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- Meenaskhi Energy Private Limited - India
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- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
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- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- White Energy Company Limited
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
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- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
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- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
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