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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, 22 June 12
GLOBAL ACTION NEEDED ON ENERGY POVERTY - WORLD COAL
Eradicating energy poverty is possibly the biggest challenge facing the world today. Like climate change it can only be addressed with a concerted g ...
Friday, 22 June 12
COAL: THE BACKBONE OF MODERN ELECTRICITY - ECOAL
Coal has been described as the "forgotten fuel," perhaps because many aren't aware of the huge role it plays in powering the global econo ...
Thursday, 21 June 12
DRY BULK MARKET ON THE RISE AGAIN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was on the rise once again yesterday, with the Baltic Dry Index (BDI), the industry’s benchmark, rising by 18 points, or 1 ...
Wednesday, 20 June 12
BDI MOVING HIGHER, PANAMAX AND SUPRAMAX VESSELS STRONGER, CAPESIZE RATES NEAR TO HISTORICAL LOWS OF DECEMBER 2008 - MARIA BERTZELETOU, HELLENIC SHIPPING
The dry market seems to follow the dynamic of the previous week with the Baltic Dry Index showing daily increases since June 8th, but is still stand ...
Tuesday, 19 June 12
SMALLER DRY BULK CARRIERS LIFT UP MARKET, PANAMAXES SET TO FALL SAYS ANALYST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Another rise for the dry bulk market was evident yesterday, as the industry’s benchmark, the BDI (Baltic Dry Index) was up for a ninth straigh ...
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- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- White Energy Company Limited
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
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