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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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- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- PTC India Limited - India
- Baramulti Group, Indonesia
- Australian Coal Association
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
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