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