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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, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
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- Bhushan Steel Limited - India
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Economic Council, Georgia
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Eastern Energy - Thailand
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