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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$66 million from third party minority holders.
Source: Insider Stories
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Wednesday, 06 June 12
INDONESIAN GOVERNMENT'S DECLARED COAL PRICES CONTINUING ITS DECLINE
COALspot.com - Indonesian HBA fell to lowest level since January 2011 in June 2012. The monthly coal reference price for coal sales this month ...
Monday, 04 June 12
MITRABAHTERA SUBSIDIARY SECURES CONTRACT FROM BERAU COAL - INSIDER STORIES
Insider Stories reported that, PT Mitra Alam Segara Sejati, a subsidiary that is 60% owned by PT Mitrabahtera Segara Sejati Tbk (MBSS), has secur ...
Sunday, 03 June 12
TTI ESTABLISHES COAL TRADING & MARKETING OFFICE
COALspot.com - TTI has officially established its coal trading, marketing-office in Jakarta, Indonesia. PT. Gunung Tinggi Coal is the TTI’s fi ...
Sunday, 03 June 12
FREIGHT MARKET CONTINUING ITS DECLINE
COALspot.com - The BDI continued to fall for the fifth straight week and the BDI fell by 2.57 pct this week closing at 904 points.
The Cape Size ...
Friday, 01 June 12
TNPL HAS SECURED 300K MT OF 6000 GAD COAL AT US$ 81 CNF TUTICORIN
COALspot.com - An India based coal trader Adani has offered the lowest price of US$ 81.00 per metric ton for calorific value of 6000 GAD and 15 perc ...
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- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
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