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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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Wednesday, 25 April 12
CHINA IMPORTS 9.76 MMT AND INDIA IMPORTS 7.03 MMT OF INDONESIAN COAL LAST MONTH
COALspot.com: Indonesia, the world largest coal exporter, shipped 30.64* million tons of coal in March 2012, compared to 27.12* million tons i ...
Monday, 23 April 12
ALTURA ENTERS INTO AGREEMENT TO ACQUIRE 2 COAL PROJECTS IN SOUTH KALIMANTAN
COALspot.com - Altura Mining Limited (ASX: AJM) has announced that it has entered into an agreement to acquire a further two (2) Mining Permits (IUP ...
Sunday, 22 April 12
THE FREIGHT MARKET EXPECTED TO REMAIN FIRM NEXT WEEK - VISTAAR
COALspot.com - The BDI has broken the psychological barrier of 1000 points and closed at 1067 points.
The cape index was slightly down by 2.48 pc ...
Saturday, 21 April 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS DROP 2.61 PERCENT THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps fell for a fifth day, according to DSP of SGX AsiaClear OTC Coal Swaps.
CFR South China Coal ...
Friday, 20 April 12
PANAMAXES LEAD DRY BULK MARKET TO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A rebound of demand for smaller dry bulk carriers has led the industry’s benchmark, the BDI (Baltic Dry Index) above the 1,000-point mark for ...
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- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- The University of Queensland
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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