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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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Sunday, 29 April 12
THE FREIGHT MARKET EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - The BDI continued to go up with the support of Panamax/Supramax and was up by 8.34 pct closing at 1,156 points.
The cape index was ...
Sunday, 29 April 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS FOR MAY 2012 DELIVERY WAS STABLE THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps for May deliveries stable this week, according to DSP of SGX AsiaClear OTC Coal Swaps. In the me ...
Friday, 27 April 12
BUKIT ASAMS NET INCOME UP 14% IN 1Q 2012 (UNAUDITED)
Press Release - PT Bukit Asam (Persero) Tbk, announced the Consolidated Financial Statements and Subsidiaries per 31 March 2012 (Unaudited).
Reve ...
Thursday, 26 April 12
AUSTRALIAS COKAL EXPANDS MET COAL POTENTIAL INTO WEST KALIMANTAN
COALspot.com - Global metallurgical coal group Cokal Limited (Cokal) (ASX:CKA) announced today it has completed the acquisition of 75.2% of PT Silan ...
Thursday, 26 April 12
BUKIT ASAMS 1Q OPERATING PROFIT MARGIN HAS INCREASED BY 6% TO RP. 1 TRILLION
COALspot.com - PT. Bukit Asam (Persero), the Indonesia’s state owned coal miner's 1Q, 2012 revenue has increased by 31% to Rp. 3.02 trillion ...
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- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Australian Coal Association
- Minerals Council of Australia
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
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