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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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Friday, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
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