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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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Sunday, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
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- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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