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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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Monday, 07 May 12
INDONESIAN HBA FALL AGAIN IN MAY 2012
COALspot.com - Indonesian HBA fall again to lowest level since January 2011 in May 2012. The monthly coal reference price for coal sales in Ma ...
Sunday, 06 May 12
INDONESIAN SUB-BITUMINOUS COAL & CFR SOUTH CHINA SWAPS SLIGHTLY DROP THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for June deliveries slightly dropped this week.
According ...
Sunday, 06 May 12
S7 & S8 ROUTES LIKELY TO BE FIRM NEXT WEEK VISTAAR SINGAPORE
COALspot.com - The BDI remained flat this week and was up just by 1 point closing at 1,157 points.
The cape size index was up by 5.14 pct closing ...
Sunday, 06 May 12
EXPORT DUTY ON MINERAL FINALLY TO BECOME EFFECTIVE NEXT WEEK
COALspot.com - Mineral ore exporters of Indonesia ( only IUP holders) are required to obtain recommendation letter from the energy and mineral ...
Friday, 04 May 12
DEMOLITION KEY FOR DRY BULK MARKET RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The overflow of newbuilding vessels which “spilled over” into 2012 from 2011 brought the dry bulk market to a near collapse level at the ...
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- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- MS Steel International - UAE
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- PTC India Limited - India
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
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