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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, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
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- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- White Energy Company Limited
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
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