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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, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Central Java Power - Indonesia
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Australian Coal Association
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
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