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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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Showing 41 to 45 news of total 6871 |
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- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Australian Coal Association
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
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