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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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Thursday, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, ...
Wednesday, 22 September 21
MARKET INSIGHT - INTERMODAL
The unfolding last week of a trilateral defence pact between the United States, Australia, the United Kingdom (AUKUS) envisages a wide range of col ...
Tuesday, 21 September 21
CHINESE COAL IMPORTS FROM AUSTRALIA DROP 98.6% AS RESTRICTIONS BITE - BIMCO
In the first seven months of the year Chinese coal imports from Australia have totalled just 780,000 tonnes as Chinese restrictions on Australian c ...
Tuesday, 21 September 21
CHINA'S COAL OUTPUT RESUMES GROWTH IN AUGUST - XINHUA
China’s raw coal output rose 0.8 percent year on year to 340 million tonnes last month, official data showed.
The growth rate ...
Wednesday, 15 September 21
MARKET INSIGHT - INTERMODAL
Following the oil price sell off during most of August, partly triggered by oil demand fears amid the delta COVID variant, oil prices have resumed ...
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- Marubeni Corporation - India
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- Interocean Group of Companies - India
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- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
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- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
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- Xindia Steels Limited - India
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- Star Paper Mills Limited - India
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- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
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- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
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- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
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- Global Coal Blending Company Limited - Australia
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
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- Thiess Contractors Indonesia
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
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- Economic Council, Georgia
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- Energy Development Corp, Philippines
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- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
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- Ministry of Transport, Egypt
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- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- MS Steel International - UAE
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- White Energy Company Limited
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
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- Orica Australia Pty. Ltd.
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- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- PTC India Limited - India
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Minerals Council of Australia
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- Coal and Oil Company - UAE
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