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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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Tuesday, 12 June 12
ITACHA RESOURCES BUYS SARANA MARINE - INSIDER STORIES
Insider Stories reported that, coal mining company PT Itacha Resources, a joint venture between Anthoni Salim and Glenn Yusuf, announced that Itacha ...
Monday, 11 June 12
BAHANA FORECASTS THE COAL PRICES WILL FALL FURTHER
COALspot.com - Growing US coal supplies + low shipping costs = Asia as target.
According to Irwan Budiarto analyst at Bahana Securities, US ...
Monday, 11 June 12
ASIAN COAL TRADING COMMUNITY EMBRACES API 5 AND API 8
Press Release - The Asian coal trading community is embracing the API 5 and API 8 indexes for its swap contracts.
The API 5 index represents 5,50 ...
Sunday, 10 June 12
FREIGHT MARKET EXPECTED TO REMAIN WEAK FOR NEXT FEW WEEKS - VISTAAR
COALspot.com - The BDI continued to fall this week and down by 2.99 pct closing at 877 points.
The Cape index also was down by 5.78 pct closing a ...
Friday, 08 June 12
ESSAR ENERGY RECEIVES FINAL APPROVAL FOR INDONESIAN COAL BLOCK
COALspot.com - Essar Energy plc, the India-focused integrated energy company, today announced that it has received final ‘Pinjam Pakai’ ...
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- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
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- Global Business Power Corporation, Philippines
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- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- White Energy Company Limited
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
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- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Minerals Council of Australia
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
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- SN Aboitiz Power Inc, Philippines
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- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
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- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
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- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
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- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
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- Ministry of Transport, Egypt
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- Parliament of New Zealand
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- Antam Resourcindo - Indonesia
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- Ambuja Cements Ltd - India
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