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