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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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Saturday, 18 February 23
PAKISTAN PLANS TO QUADRUPLE DOMESTIC COAL-FIRED POWER, MOVE AWAY FROM GAS - REUTERS
Pakistan plans to quadruple its domestic coal-fired capacity to reduce power generation costs and will not build new gas-fired plants in the coming ...
Saturday, 18 February 23
2023 MARINE FUEL MARKET PREDICTIONS - JOHN BERGMAN, AURAMARINE
The drive for decarbonisation we witnessed in 2022 has continued into 2023, demonstrating the shipping’s industry positive strides in the fas ...
Saturday, 28 January 23
COAL GROWTH BLIP NOT TO BE REPEATED - BALTIC EXCHANGE
As 2022 drew to a close, global coal demand looked set to end the year just 1.2% up on the previous year. But that small increase was enough to pus ...
Thursday, 26 January 23
CHINA'S COAL OUTPUT INCREASES IN DECEMBER 2022 - XINHUA
China’s raw coal output posted stable expansion in December 2022, official data showed.
The country produced 400 million tonne ...
Thursday, 26 January 23
COKING COAL NARROWS THE GAP ON THERMAL AS CHINA REOPENS - REUTERS
The premium of high-grade thermal coal over coking coal in Asia is shrinking as China’s re-opening and ending of a ban on imports from Austra ...
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- Oldendorff Carriers - Singapore
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- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
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- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
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- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Videocon Industries ltd - India
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- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
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- Jaiprakash Power Ventures ltd
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- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
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- Chamber of Mines of South Africa
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- Economic Council, Georgia
- Minerals Council of Australia
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