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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, 08 June 12
MINISTER DENIES COAL EXPORT TAX PLAN, ENDORSES RESTRICTIONS - THE JAKARTA POST
The Jakarta post, one of the leading english news paper in Indonesia reported that, Energy and Mineral Resources Minister Jero Wacik has denied that ...
Friday, 08 June 12
NO IMMEDIATE IMPACT ON ADARO'S RATING FROM BEP TRANSACTION - FITCH RATINGS
Fitch Ratings has said that PT Adaro Indonesia's (Adaro, 'BB+'/ Stable) ratings are not immediately affected by its parent PT Adaro Energy Tbk's ...
Thursday, 07 June 12
DRY BULK MARKET FALLS FOR 10 STRAIGHT SESSION ON OVERSUPPLY PROBLEMS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A resurgence of oversupply, coupled with national holidays in various parts of the world has contributed to yet another fall of the dry bulk market ...
Thursday, 07 June 12
COAL EXPORT TAX NOT RATIONAL: MINISTER - THE JAKARTA POST
Trade Minister Gita Wirjawan has criticized as irrational the idea to restrict coal exports by imposing an export tax, According to The Jakarta post ...
Thursday, 07 June 12
BY 2022 PLN IS EXPECTED TO BURN AROUND 125 MILLION TONS OF COAL
COALspot.com - Indonesia's state owned electricity company's (PLN) coal consumption is expected to reach 125.7 million tons by 2012.
Nur Pamudj ...
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- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
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