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