We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Friday, 18 May 12
KOREA EAST WEST POWER LOOKING FOR TOTAL 2.6 MILLION TONS OF 4600 NAR COAL AT FIXED PRICE FOR 5 YEARS
COALspot.com - Korea East West Power Co., Ltd is inviting bids to supply of 520,000 Metric Tons (per annum) of minimum 4,600 kcal/kg coal of N ...
Friday, 18 May 12
NICKEL ORE CARGOES ARE NOT SEEN IN MARKET ANYMORE DUE TO ON-GOING INDONESIAN BAN - FEARNLEYS AS
Handy
The market remained variable.
Fronthaul voyages both from Baltic and Black Sea paid over USD 18k/day. From USG to Cont tonnage would get ...
Thursday, 17 May 12
COAL MINERS OPPOSE EXPORT TAX, SUGGEST OUTPUT QUOTA - THE JAKARTA POST
The Jakarta Post reported that, coal miners have suggested that the government apply a production quota instead of implementing an export tax in ord ...
Thursday, 17 May 12
DRY BULK MARKET STILL LOOKING FOR NEW DIRECTION - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept on moving sideways during this week, with the mixed performance across all segments. Yesterday, the industry’s be ...
Tuesday, 15 May 12
POTENTIAL BOOM OF CHINAS COAL IMPORTS COULD PROVIDE FURTHER SUPPORT TO DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been moving sideways during the past week with the industry’s benchmark, the Baltic Dry Index (BDI) losing 0.53% on th ...
|
|
|
Showing 4726 to 4730 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- PTC India Limited - India
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- VISA Power Limited - India
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Planning Commission, India
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
|
| |
| |
|
