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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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Sunday, 27 May 12
THE FREIGHT MARKET FROM INDONESIA TO INDIA WAS WEAK - VISTAAR
COALspot.com - The BDI continued to fall for the fourth straight week and the BDI fell by 9.38 pct this week closing at 1,034 points.
The Cape Si ...
Sunday, 27 May 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS HEADING TO SOUTH DIRECTION
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for July deliveries have dropped this week by 5.43 percent an ...
Saturday, 26 May 12
DRY BULK SHIP OWNERS LOOKING TO CUT BACK ON TONNAGE SUPPLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The oversupply of dry bulk carriers has been the most prominent problem in the market today, pushing down rates and ‘strangling’ profita ...
Thursday, 24 May 12
DRY BULK MARKET RETREATS ON LACK OF CHINA DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market retreated yesterday on the back of lower Chinese demand for commodities such as coal and iron ore, typically hauled by dry bulk ...
Tuesday, 22 May 12
NEW ONE-YEAR TIME CHARTERS FOR TWO VESSELS OF EXCEL MARITIME CARRIERS LTD.
Excel Maritime Carriers Ltd. (NYSE: EXM), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportat ...
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- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Planning Commission, India
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- The University of Queensland
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Australian Coal Association
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
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