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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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Friday, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
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Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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Showing 11 to 15 news of total 6871 |
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- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Minerals Council of Australia
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- The University of Queensland
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
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