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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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Tuesday, 17 January 23
CHINA'S SHANXI TARGETS 2023 COAL PRODUCTION OF NEARLY 1.37B TONS - XINHUA
China’s coal-rich province of Shanxi has set a coal production target of nearly 1.37 billion metric tons for 2023, according to a government ...
Tuesday, 17 January 23
MARKET INSIGHT - INTERMODAL
Rumor has it that the New Year has come, to set the pace in, for Russia to continue hostilities against Ukraine. Ten months on the go, into Russia& ...
Tuesday, 17 January 23
INDONESIA IS ACCOUNTING FOR 32.3% OF THE GLOBAL SEABORNE COAL MARKET IN 2022 - BENCHERO 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, Benchero ...
Tuesday, 10 January 23
INDONESIAN HBA IS SEEING A SPIKE IN JANUARY 2023 INSTEAD OF A SIGNIFICANT FALL IN DECEMBER 2022
COALspot.com: Indonesian Coal Price Reference up 8.43% in January 2023.
HBA is seeing a dramatic spike in January 2023 i ...
Sunday, 08 January 23
INDIAN COAL POWER PLANTS SHOULD BE COMPENSATED FOR 2022 FORCED GENERATION – REGULATOR : REUTERS
Indian power plants that rely on imported coal should be fully compensated when forced to supply electricity, the country’s power regulator s ...
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- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
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