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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$66 million from third party minority holders.
Source: Insider Stories
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Tuesday, 22 May 12
DRY BULK MARKET STEADY, AWAITING FURTHER RISE IN DEMAND WHICH IS DOUBTFUL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Traditionally, the second and third quarters of the year are the strongest for the dry bulk market, but this year, things seem to be quite subdued, ...
Sunday, 20 May 12
SPOT FREIGHT RATE DIPS FURTHER - VISTAAR
COALspot.com - The BDI was marginally up by 3 points (0.26 pct) closing at 1,141 points.
The cape index was up by 1.17 pct closing at 1,633 point ...
Saturday, 19 May 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS DROP US$ 2.88 PMT W-O-W
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for June deliveries have drops this week by 3.86 percent and& ...
Saturday, 19 May 12
INDONESIAN EXPORT TAX GIVES COAL MINERS A CHEAP RIDE: ANALYSTS - THE JAKARTA GLOBE
The Jakarta Globe reported that, Indonesia’s policy to exclude coal from an export tax that has been applied to 14 other mineral commodities h ...
Friday, 18 May 12
EXPORT TAX WILL ERODE PROFITS, INDONESIAN COAL EXEC COMPLAINS - THE JAKARTA GLOBE
The Jakarta Globe reported that, A 20 percent export duty the government has imposed on 14 mineral ore products will not only take a toll on mining ...
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- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- MS Steel International - UAE
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- VISA Power Limited - India
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
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