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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, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
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 ...
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- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Australian Coal Association
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Planning Commission, India
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
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