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