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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, 26 January 23
AUSTRALIA'S CORONADO GLOBAL SEES COAL PRICES RISING ON RESUMING CHINA IMPORTS - REUTERS
Australia’s Coronado Global Resources said on Tuesday resuming metallurgical coal imports to China would likely push sea-borne coal prices hi ...
Monday, 23 January 23
CHINA'S MAJOR COAL-PRODUCING PROVINCE ACCELERATES DIGITAL TRANSFORMATION - XINHUA
At Chindata Group’s big-data industrial park in Lingqiu County of Datong City, hundreds of thousands of servers are running round-the-clock t ...
Monday, 23 January 23
CHINA'S COAL-RICH PROVINCE SEES COAL PRODUCTION INCREASE IN 2022 - XINHUA
North China’s coal-rich province of Shanxi saw its coal production hit 1.31 billion tonnes in 2022, up 8.7 percent year on year, local author ...
Wednesday, 18 January 23
MARKET INSIGHT - INTERMODAL
From Feb 5, another price cap will be introduced to Russian fuels and oil products, adding to the one for crude oil, already in place from Dec. 3. ...
Tuesday, 17 January 23
FRAUD IS THE BIGGEST THREAT TO CARGO LOSSES - TT CLUB
The almost exclusive use of online facilities to process business transactions allows a myriad of fraudulent pursuits to find opportunities within ...
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- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
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