We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Friday, 01 June 12
COKAL ACCEPTED ON THE CLEAN AND CLEAR LIST FOR ITS BORNEO BARA PRIMA AND BUMI BARITO MINERAL PROJECTS
- Borneo Bara Prima (BBP) Project confirmed on the Clean and Clear List 9th May 2012
- Bumi Barito Mineral (BBM) Project confirmed on the Clean and ...
Thursday, 31 May 12
DRY BULK MARKET UNABLE TO FIND NEW SUPPORT TO REACH HIGHER LEVELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been unable to find new support and recover to higher levels during these past few days. As a result, the Baltic Dry Index ( ...
Wednesday, 30 May 12
ORPHEUS RAISES $2.24M TO ADVANCE INDONESIAN COAL PRODUCTION ASSETS
• $2.24 million raised from a placement to new and existing institutional and sophisticated investors from Australia and overseas
• Funds ...
Wednesday, 30 May 12
ARPENI SECURES TRANSSHIPMENT CONTRACT FROM BARUNA DIRGA
Insider Stories reported that, shipping operator PT Arpeni Pratama Ocean Line Tbk (APOL) has secured a 1-year coal transhipment contract of 4 millio ...
Monday, 28 May 12
COAL EXPORTS ARE JUMPING HIGHER, BUT PRICES ARE FALLING LOWER
COALspot.com: Indonesia, the world largest coal exporter, shipped 31.86* million tons of coal in April 2012, compared to 30.64* million tons i ...
|
|
|
Showing 4711 to 4715 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- PTC India Limited - India
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
|
| |
| |
|
