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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, 17 June 12
S7 & S8 ROUTES ARE LIKELY TO BE SOFT NEXT WEEK - VISTAAR
COALspot.com - The BDI gained some increase after continues fall for several weeks.
The BDI increased by 47 points (up by 5.36 pct) closing at 92 ...
Saturday, 16 June 12
INDONESIAN SUB-BITUMINOUS COAL & CFR SOUTH CHINA COAL CONTRACT SWAPS ARE UNDER PRESSURE
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for July deliveries seems to be under pressure this week.&nbs ...
Friday, 15 June 12
CAPESIZE - THE LEVELS THAT DID FIX ARE DOWN W-O-W LEVELS - FEARNLEYS
Handy
Another slow-moving market with rates hovering at same level as last week. US Gulf positions fixed USD 25,000 for trips to Cont/Passero and S ...
Thursday, 14 June 12
SMALLER DRY BULK CARRIERS LIKELY TO FACE MORE CHALLENGES; DEMOLITION ACTIVITY SET FOR RECORD YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest update on the dry bulk markets, BIMCO said that China is partly “failing to deliver” on raw material imports that can affe ...
Wednesday, 13 June 12
LOW COAL PRICES COULD CHANGE SUPPLY SIDE DYNAMICS - FITCH RATINGS
Fitch Ratings believes that the weakness seen in thermal coal prices in recent months should reverse once demand from major importers recovers, alth ...
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- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- CNBM International Corporation - China
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
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