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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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Sunday, 01 July 12
DSP OF SGX ASIACLEAR OTC COAL SWAP'S THIS WEEKS MOVEMENTS SLIGHTLY POSITIVE
COALspot.com - SGX AsiaClear OTC Coal Swaps have recovered slightly this week and Q4 deliveries are also showing positive direction.
SGX’s ...
Saturday, 30 June 12
THE FREIGHT RATES ARE EXPECTED TO BE STEADY TO FIRM NEXT WEEK - VISTAAR SINGAPORE
COALspot.com – The BDI was up by 2.66 pct (up by 26 points) closing at 1,004 points crossing the 1000 point barrier this week.
The c ...
Friday, 29 June 12
INDONESIAN PRODUCERS ARE PLANNING TO CUT PRODUCTION IF COAL PRICES FALL FURTHER
COALspot.com: Indonesia, the world largest multi grade coal exporter, shipped 31.54* million tons of coal in May 2012, compared to 31.86* mill ...
Friday, 29 June 12
DRY BULK SHIP OWNERS DOING THEIR MATHS BEFORE PLACING NEWBUILDING ORDERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With oversupply having plagued the dry bulk shipping fleet since the end of 2011, it’s become ever so evident that placing a newbuilding order ...
Thursday, 28 June 12
DRY BULK MARKET HIGHER ON CAPESIZE OPTIMISM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market inched a bit higher yesterday, as the BDI (Baltic Dry Index) ended up by 0.71% to 988 points. Most ship types were up, with the ...
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- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- The University of Queensland
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
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