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