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