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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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Wednesday, 22 March 23
MARKET INSIGHT - INTERMODAL
The crude tanker market continues to gather momentum as we head towards the end of 1Q2023, against a backdrop of strong U.S. exports paired with a ...
Wednesday, 22 March 23
WILL LOWER GAS PRICES SPARK SWITCHING IN EUROPE AND ASIA?
Record high prices devastated demand for gas and LNG across Asia and Europe last year. But with prices falling, companies are starting to re-evalua ...
Monday, 20 March 23
NTPC MULLS 5.4 MILLION TONNES COAL IMPORT IN FIRST HALF OF 2023-24: PTI
State-run power giant NTPC is planning to import around 5.4 million tonnes of coal to meet the supply shortage during the first half 2023-24 fiscal ...
Monday, 20 March 23
S. AFRICA’S EXXARO RESOURCES SAYS COAL PRICES COOLING OFF - REUTERS
South Africa’s Exxaro Resources on Thursday posted a 28% jump in 2022 profit after seeing average coal prices surge more than 150%, but warne ...
Saturday, 18 March 23
RUSSIAN LNG EXPORTS TO EUROPE REMAIN HIGH - VESSELS VALUE
Russian LNG exports to Europe remained at very high levels in February at 3.6 million CBM, following a 13 month high in January of 4.1 million CBM. ...
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- Kartika Selabumi Mining - Indonesia
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- Wood Mackenzie - Singapore
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- India Bulls Power Limited - India
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- CNBM International Corporation - China
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- Edison Trading Spa - Italy
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- The Treasury - Australian Government
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- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
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- Economic Council, Georgia
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- Singapore Mercantile Exchange
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- Parliament of New Zealand
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- McConnell Dowell - Australia
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- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Australian Coal Association
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- Wilmar Investment Holdings
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- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
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- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
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- Standard Chartered Bank - UAE
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- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
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- Ministry of Transport, Egypt
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- Romanian Commodities Exchange
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- Minerals Council of Australia
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- SMG Consultants - Indonesia
- VISA Power Limited - India
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- White Energy Company Limited
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- Tamil Nadu electricity Board
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- Salva Resources Pvt Ltd - India
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- Medco Energi Mining Internasional
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- Altura Mining Limited, Indonesia
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- Australian Commodity Traders Exchange
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- Independent Power Producers Association of India
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- Central Electricity Authority - India
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- PTC India Limited - India
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- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
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