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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, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- VISA Power Limited - India
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
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