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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, 23 May 23
INDIA: COAL OUTPUT UP 8.9%, SUPPLY RISES 11.7% IN APRIL - FINANCIAL EXPRESS
India’s coal production jumped 8.85% to 73.14 million tonne (MT) in April 2023 and the total coal despatch during the month went up 11.66% to ...
Tuesday, 23 May 23
CHINA COAL OUTPUT UP 4.5 PCT IN APRIL - XINHUA
China’s raw coal output posted stable expansion in April, official data showed.
The country produced 380 million tonnes of raw ...
Saturday, 20 May 23
NON-OPEC OIL SUPPLY DEVELOPMENT - OPEC
In 2022, non-OPEC supply is estimated to have increased by 1.9 mb/d y-o-y. Out of this, US liquids production increased by 1.2 mb/d, mainly on the ...
Saturday, 20 May 23
GLOBAL COAL TRADE HAS REALLY PICKED UP PACE IN RECENT MONTHS, NOW FULLY BACK TO PRE-COVID LEVELS - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels. In Jan-Apr 2023, total global seaborne coa ...
Saturday, 20 May 23
MARKET INSIGHT - INTERMODAL
India is one of the world's largest coal producers and one of the world's largest importers of coal. The country uses coal mainly for power ...
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Showing 101 to 105 news of total 6871 |
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- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Planning Commission, India
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
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