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