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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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Monday, 17 July 23
APPROVED AMMONIA-FUELED CONTAINERSHIP - BENEFITS AND RISKS: REED SMITH
Following the news in Offshore Energy that Korea Maritime Consultants has secured approval in principle from the American Bureau of Shipping for it ...
Friday, 14 July 23
CLEAN COAL USE KEY TO DEEP CUTS IN EMISSIONS, STABLE ELECTRICITY SUPPLY - CHINA DAILY
China must push for the clean use of coal and step up integration of the dirty fuel with carbon capture, utilization and storage to achieve sustain ...
Thursday, 13 July 23
VIETNAM'S COAL EMISSIONS PRIMED FOR SURGE AFTER IMPORTS JUMP - REUTERS
Vietnam’s thermal power emissions are primed for a steep climb this summer after the country’s imports of thermal coal soared to their ...
Monday, 26 June 23
COAL PRODUCTION AND CONSUMPTION UP IN 2022 - EUROSTAT
In 2022, EU coal production and consumption continued to increase, reaching 349 million tonnes (+5% compared with the previous year) and 454 millio ...
Wednesday, 21 June 23
QATAR STRIKES SECOND BIG LNG SUPPLY DEAL WITH CHINA - REUTERS
Qatar on Tuesday secured its second large gas supply deal with a Chinese state-controlled company in less than a year, putting Asia clearly ahead i ...
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- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- The University of Queensland
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
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