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.
|
|
Saturday, 12 May 12
THE SHIPPING MARKET IS UNLIKELY TO SEE A REBOUND ANYTIME SOON - VISTAAR SINGAPORE
COALspot.com - The BDI softened this week and it was down by 1.64 pct closing at 1,138 points.
The cape index was up by 2.41 pct closing at 1,61 ...
Friday, 11 May 12
POLITICAL CHANGES COULD LEAD TO TEMPORARY HALT IN SHIPPING INVESTMENTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The potential of changes of political leadership in many of the world’s leading economies could very well lead to significant shifts in the di ...
Thursday, 10 May 12
DRY BULK ERRATIC ON LACK OF DIRECTION - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept up its erratic behavior as it went down again during yesterday’s session, on a lack of direct guidance in terms o ...
Wednesday, 09 May 12
COAL INDIA SIGNS FSAS WITH 13 POWER UNITS SO FAR - PTI
Press Trust of India has reported that, coal India has so far entered into fuel supply pacts with 13 power units, including Reliance Power's Rosa P ...
Tuesday, 08 May 12
DRY BULK MARKET LOOKING FOR NEW DIRECTION THIS WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the BDI (Baltic Dry Index) the main benchmark of the dry bulk shipping industry not traded at the start of this week, traders, charterers and s ...
|
|
|
Showing 4731 to 4735 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- The University of Queensland
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- SMG Consultants - Indonesia
|
| |
| |
|
