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