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