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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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Thursday, 03 May 12
DRY BULK MARKET REMAINS INACTIVE, POSTING MILD DECREASE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept retreating this week, although at a very low pace, on the back of a lull in demand. The industry's benchmark, th ...
Thursday, 03 May 12
MINERS DEMAND LEGAL CERTAINTY ON PRE-BAN INTERIM POLICY - THE JAKARTA POST
The Jakarta Post reported that, Mining companies represented by the Indonesian Mining Association (IMA) welcomed the government’s plan to impo ...
Thursday, 03 May 12
HANDY EAST COAST INDIA - CHINA AROUND USD 7000 - FEARNLEYS AS
Handy - Stable demand in the Atlantic offered good rates for the tonnage.
USG/Cont was worth USD 17500 and more. Baltic and Black Sea appeared to ...
Wednesday, 02 May 12
CHINA BLACKOUTS HIGHLIGHT PRICING POLICY WEAKNESS - FITCH
Fitch reported that, the likelihood of further electricity blackouts in China this summer underlines Fitch's view of the basic problem f ...
Tuesday, 01 May 12
VIETNAM FEARS IT MAY NOT SEEK COAL SUPPLIES - TBKTSG / VIETNAMNET BRIDGE
TBKTSG / VietNamNet Bridge reported that, with five coal-run thermopower plants under construction, PetroVietnam alone would need 18 million tons of ...
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- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Deloitte Consulting - India
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
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