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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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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- The University of Queensland
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
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