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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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Thursday, 02 March 23
DRY BULK MARKET: THE WAY CHINA GOES, SO GOES THE MARKET - BIMCO
We expect demand growth within the 1.5-2.5% range in 2023, driven by China’s economic recovery. Improvements in consumer sentiment should hel ...
Thursday, 02 March 23
INDIA, CHINA DEMAND BOOST LOW-RANK THERMAL COAL PRICES IN ASIA - RUSSELL, REUTERS
Signs of stronger import demand from India have arrested the decline in price of the thermal coal grades most commonly sought by the world’s ...
Thursday, 02 March 23
INDIA CHEERS THE RETURN OF ‘KING COAL’ AS INDUSTRY SEES BUOYANT FUTURE - REUTERS
India’s coal industry celebrated the return of its major conference after a three-year pandemic hiatus by presenting a bullish view of demand ...
Wednesday, 01 March 23
GEO CONNECT ASIA RETURNS IN MARCH TO ACCELERATE THE REGION’S GEOSPATIAL AND LOCATION INTELLIGENCE CAPABILITIES
Press Release: The third edition of GCA will be held in conjunction with Digital Construction Asia and the inaugural Drones Asia – an event d ...
Wednesday, 01 March 23
THE DECLINE IN THE COAL PRICE SINCE THE BEGINNING OF THE YEAR HAS BEEN SIGNIFICANT - INTERMODAL
Last week, the front-month API2 future rose by 3.5%, but since the beginning of the year the future has fallen by 39% to $136.65/t, while the Newca ...
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- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- The University of Queensland
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Australian Coal Association
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Economic Council, Georgia
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
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