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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, 08 September 21
MARKET INSIGHT - INTERMODAL
Last August was extremely hot in the dry bulk market with rates rising at levels that we have years to witness. The dry bulk index exceeded the 4,0 ...
Wednesday, 01 September 21
KOMIPO TO BUY 1.56 MILLION TONS OF 5600 NAR COAL OF AUSTRALIA OR SOUTH AFRICAN ORIGIN FOR 2022 - 2024
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Wednesday, 01 September 21
MARKET INSIGHT - INTERMODAL
As the summer season is coming to an end, the dry bulk market continues to rally. The confidence that the outstanding freight market performance ha ...
Monday, 30 August 21
68% OF U.S. COAL FLEET RETIREMENTS SINCE 2011 WERE PLANTS FUELED BY BITUMINOUS COAL - EIA
In 2011, the United States had 317.6 gigawatts (GW) of coal-fired electric generation capacity. About 88.7 GW of that capacity was retired in the d ...
Friday, 27 August 21
ALL YOU NEED TO KNOW ABOUT COAL'S MASSIVE RALLY AND NEAR-TERM OUTLOOK - CNBCTV18
Australia’s thermal coal at Newcastle Port, the benchmark for the vast Asian market, has surged over 100 percent this year to trade above $16 ...
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- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
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- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
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- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Posco Energy - South Korea
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- The University of Queensland
- Sindya Power Generating Company Private Ltd
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- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Australian Coal Association
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- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
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- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
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