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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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Wednesday, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
...
Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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Showing 21 to 25 news of total 6871 |
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- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Australian Coal Association
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
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