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