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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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Tuesday, 28 September 21
THE MAIDEN EDITION OF DIVE TECHNOLOGY SUMMIT 2021 CONCLUDES SUCCESSFULLY
Press Release: DIVE TECHNOLOGY SUMMIT 2021, a one-day conference on the recent technological advancements in the Industrial Diving industry conclud ...
Monday, 27 September 21
CHINESE COAL FIRMS MEET TO ADDRESS WINTER SUPPLY CHALLENGES - CNBC
Major Chinese coal producers are trying to resolve supply shortages and curb price rises as the country’s winter consumption peak approaches, ...
Saturday, 25 September 21
HIGH STAKES FOR ASIAN DEVELOPMENT BANK’S AMBITIOUS COAL POWER RETIREMENT PLAN - IEEFA
Implementation challenges could block funding for other equally important high impact clean energy funding strategies
In the lead up ...
Thursday, 23 September 21
LONGER COAL CONTRACTS MAY REIN IN PRICES - ECNS
In China’s coal sector that has been marred recently by price surges, regional authorities and related enterprises should ensure the fuel con ...
Thursday, 23 September 21
BALTIC INDEX HITS 12-YEAR PEAK ON FIRMER VESSELS RATES - REUTERS
The Baltic Exchange’s main dry bulk sea freight index rose for a fourth straight session on Wednesday to a 12-year high, buoyed by higher rat ...
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- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
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