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