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