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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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Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Australian Coal Association
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- The University of Queensland
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
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