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