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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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Thursday, 05 July 12
BUMI ACHIEVES HIGHER SELLING PRICE IN FIRST QUARTER
COALspot.com - PT Bumi Resources Tbk (BUMI), Indonesia's largest coal producer and exporter, has successfully maintained a higher sales margin, des ...
Tuesday, 03 July 12
DRY BULK MARKET INCHED FORWARD AT THE START OF THE WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market inched forward at the beginning of the new week, prior to the US holidays regarding the celebration of the 4th of July, which is ...
Monday, 02 July 12
ORPHEUS STRENGTHENS REVENUE STREAM WITH NEW ROYALTY AGREEMENT AT THE B2 COAL PROJECT
Orpheus Energy (ASX:OEG) is pleased to advise that it has executed a life of mine Royalty Agreement with Indonesian mining contractor PT Debbia Mini ...
Monday, 02 July 12
DRY BULK DEMAND TO RISE TO 3.6 BILLION TONNES IN 2012, BUT NEW BUILDING DELIVERIES ARE
In its latest analysis on the dry bulk market fundamentals, DVB Bank said that dry bulk cargo demand is forecast to rise to approximately 3.6 billio ...
Sunday, 01 July 12
AUSTRALIAS CARBON TAX - SUNIL K KUMBHAT
COALspot.com - Climate Change
Climate change and global warming have now become buzzwords the world over. The disastrous consequences for global ...
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- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- PowerSource Philippines DevCo
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- The University of Queensland
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
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