We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Saturday, 18 March 23
HEDGE TO OFFSET LNG VOLATILITY, TRADERS TOLD - BALTIC EXCHANGE
A shift in imports from Asia to Europe led to significant volatility in liquefied natural gas shipping last year, prompting industry experts to urg ...
Friday, 17 March 23
INDONESIAN COAL PRICE REFERENCE UP AROUND 2.17% IN MARCH 2023
COALspot.com: Indonesian Coal Price Reference up around 2.17% in March 2023.
According to the new HBA regulation No. 41.K/MB.0 ...
Saturday, 11 March 23
MARKET INSIGHT - INTERMODAL
Uncertainty over the recovery of Chinese demand, demand destruction in Europe, as well as weather conditions will pivot the LNG market this summer. ...
Wednesday, 08 March 23
INDONESIAN COAL REFERENCE PRICE FORMULA HAS OFFICIALLY CHANGED
Indonesian Minister of Energy and Mineral Resources has officially changed the guideline for determining the benchmark price for the sale of coal c ...
Thursday, 02 March 23
INDIA'S SEABORNE CRUDE OIL IMPORTS IN 2022 INCREASED BY 11.5% YOY - BANCHERO COSTA
2022 has turned out to be a very positive year for crude oil trade, despite the surging oil prices and risks of economic recession, Banchero Costa ...
|
|
|
Showing 126 to 130 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- MS Steel International - UAE
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Australian Coal Association
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
|
| |
| |
|
