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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, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Latin American Coal - Colombia
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
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