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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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Thursday, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Australian Coal Association
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- PTC India Limited - India
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
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