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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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Saturday, 11 September 21
CIL STEPS UP SUPPLY COAL TO POWER SECTOR; PER-DAY AVERAGE 20 PC HIGHER THAN LAST YEAR - PTI
State-owned CIL on Friday said it has stepped up the supply of coal to the power sector in the first eight days of the current month, with an avera ...
Saturday, 11 September 21
RECORD CHINESE COAL FUTURES SIGNAL NEED TO BOOST OUTPUT - REUTERS
China’s coal prices have climbed to a record high, signaling the need for more production in the short term, even as the government tries to ...
Saturday, 11 September 21
IN 2022, EIA EXPECTS U.S. COAL PRODUCTION TO INCREASE BY 47 MMST TO 648 MMST
U.S. Coal production accordng to EIA's forecast, totals 601 million short tons (MMst) in 2021, 66 MMst more than in 2020, EIA's Short-Term ...
Wednesday, 08 September 21
FITCH RATINGS RAISES THERMAL COAL PRICE ASSUMPTIONS ON TIGHT SUPPLY
Fitch Ratings has increased all its Qinhuangdao 5,500kcal/kg price assumptions and short- and medium-term Newcastle 6,000kcal/kg price assumptions ...
Wednesday, 08 September 21
COAL IS STILL KING; INDONESIAN COAL PRICE REFERENCE ABOVE $150 FOR FIRST TIME IN HISTORY
COALspot.com: The Indonesian Coal Price Reference rose dramatically from US$ 127.05 in February 2011, to a peak of US$ 150.03 in September 2021, be ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- PTC India Limited - India
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
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