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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, 26 February 23
MAWANI AND JEDDAH CHAMBER SIGN AN AGREEMENT TO BUILD INTEGRATED LOGISTICS PARK
Press Release: The Saudi Ports Authority (Mawani) and Jeddah Chamber of Commerce and Industry have today inked an agreement to set up an integrated ...
Saturday, 25 February 23
INDONESIA IS STILL BY FAR THE TOP SUPPLIER OF COAL TO CHINA - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels, said ban ...
Wednesday, 22 February 23
MARKET INSIGHT - INTERMODAL
The short-term outlook of the global soybean market is currently pivoted by a combination of weather patterns that are affecting the harvest progre ...
Saturday, 18 February 23
OIL UNLIKELY TO BREAK ABOVE $100/BBL THIS YEAR, J.P.MORGAN SAYS –- REUTERS
Brent oil prices are unlikely to breach the $100 a barrel level this year, barring any significant geopolitical drivers, with OPEC+ potentially add ...
Saturday, 18 February 23
CHINA'S COAL PRICES FALL TO 1 YR-LOW, CLOUDING DEMAND AND IMPORT OUTLOOK - REUTERS
China’s thermal coal prices hit their lowest levels in a year this week on rising inventories as domestic mine production is recovering faste ...
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- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- MS Steel International - UAE
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
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