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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, 26 April 12
TAIPOWER TO BUY 1.15 MILLION TONS OF 5000 GAR COAL
COALspot.com - Taiwan Power Company intends to procure 1.125million tons of sub-bituminous coal for Taipower thermal power plant through open tender ...
Thursday, 26 April 12
TAIPOWER TO BUY 375,000 MT OF 4800 GAR COAL
COALspot.com - Taiwan Power Company intends to procure 375,000 metric tons of low sulfur sub-bituminous coal for Taipower thermal power plant ...
Thursday, 26 April 12
ADK SHIPPED 28,000 TONNES OF COAL THIS MONTH
COALspot.com - Orpheus Energy (ASX:OEG) has announced that four coal barges carrying a total of approximately 28,000 tonnes of ADK (Alam Duta K ...
Thursday, 26 April 12
DRY BULK CARRIERS RENTER FLEET AFTER IDLING, ON MARKETS RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market seems to be back on track, not only solidifying the gains of the past couple of weeks, but also racing to new heights, recuperra ...
Thursday, 26 April 12
PANAMAXES AGAIN EARN MORE THAN CAPESIZES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The latest surge of demand for Panamaxes has led the dry bulk market to new higher ground on Monday, with the Baltic Dry Index (BDI) reaching 1,090 ...
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- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
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