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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, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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Showing 26 to 30 news of total 6871 |
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- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- MS Steel International - UAE
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
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