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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, 11 April 23
OIL RISES ON CHINA STIMULUS EXPECTATIONS, WEAKER DOLLAR - REUTERS
Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude sto ...
Sunday, 09 April 23
CHINA’S BUSINESS INCOME REBOUND POINTS TO IMPROVING ECONOMY: OFFICIAL - XINHUA
Chinese businesses have posted a strong rebound in sales revenue since the beginning of this year in the latest signal of an improving economy.
...
Sunday, 09 April 23
COAL INDIA TO BOOST SUPPLIES TO INDUSTRIES AS UTILITIES’ INVENTORIES RISE - REUTERS
Coal India Ltd will increase supplies to industries, the world’s largest coal miner said on Wednesday as fuel inventories at utilities run by ...
Thursday, 06 April 23
MARKET INSIGHT - INTERMODAL
LNG Current Supply/Demand Dynamics
This year, LNG supply will likely exceed demand, so prices will need to decline to levels that will encourag ...
Sunday, 26 March 23
EUROPE’S RUSH TO LNG COULD TURN INTO 'WORLD’S MOST EXPENSIVE AND UNNECESSARY INSURANCE POLICY'- CNBC
Europe’s rapid buildout of liquefied natural gas infrastructure is on track to far exceed demand by the end of the decade, according to new r ...
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- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Planning Commission, India
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Economic Council, Georgia
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
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