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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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Monday, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
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