We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Friday, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
|
|
|
Showing 31 to 35 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- The University of Queensland
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Planning Commission, India
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- CNBM International Corporation - China
|
| |
| |
|
