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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Australian Coal Association
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
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