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