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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, 16 April 23
CHINA JUGGLES FOUR MAJOR ECONOMIC CHANGES IN 2023 - WOOD MACKENZIE
Change is afoot in China. Economic growth is slowing, while rising political tensions between China and the US, coupled with global supply chain re ...
Sunday, 16 April 23
CHINA'S MARCH COAL IMPORTS JUMP TO 3-YEAR HIGH - REUTERS
China’s coal imports surged in March to their highest in any month over the past three years as utilities increased purchases on expectations ...
Sunday, 16 April 23
OPEC KEEPS WORLD OIL DEMAND GROWTH OUTLOOK UNCHANGED
The OPEC Reference Basket (ORB) declined in March by $3.43, or 4.2%, m-o-m to average $78.45/b. The ICE Brent first-month contract fell by $4.33, o ...
Sunday, 16 April 23
CHEAPER SPOT LNG PRICES TEMPT SOME ASIAN BUYERS AMID SUPPLY GAINS - REUTERS
Cheaper spot prices for liquefied natural gas (LNG) are luring price-sensitive buyers back in Asia, with China and India recording rising imports i ...
Tuesday, 11 April 23
COAL USE CLIMBS WORLDWIDE DESPITE PROMISES TO SLASH IT - AAP
The burning of coal for electricity, cement, steel and other uses went up in 2022 despite global promises to phase down the fuel that is the bigges ...
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- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- White Energy Company Limited
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
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