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