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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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Friday, 20 April 12
BUMA HAS PRODUCED 2.6 MILLION TONS OF COAL IN MARCH 2012
COALspot.com - BUMA has removed 28.0 million bcm (+6.4% YoY) of overburden in March 2012 while coal production was at 2.6 million tons (+1.3% YoY).
...
Thursday, 19 April 12
FRESH COAL SALES FROM JATENERGYS JONGKANG MINES
COALspot.com - Energy company Jatenergy Ltd (ASX code JAT) announced today that it had signed a contract for an 11,000 tonne coal sale due for shipm ...
Thursday, 19 April 12
HANDY - 'POSITIVE TREND', PANAMAX - 'A FIRMER TENDENCY', CAPESIZE - 'AGAIN NEGATIVE'
Handy
The positive trend from last week continued, with more cargoes entering the market. Skaw/Passero del fixed tick above USD 4000 for US Gulf di ...
Thursday, 19 April 12
WILLIS MARINE MARKET REVIEW FORECASTS ANOTHER DIFFICULT YEAR - WILLIS GLOBAL MARINE / HELLENIC SHIPPING
After an inauspicious start, 2012 could well be "another difficult and uncertain year for the maritime industry faced with the aftermath of the ...
Wednesday, 18 April 12
INDONESIA TO INTRODUCE EXPORT DUTY ON MINERAL ORES BY 6 MAY 2012
The Indonesian government is scheduled to issue regulation on export duty for minerals before May 6, 2012.
According to Bisnis Indonesia, as quot ...
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- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- The University of Queensland
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Economic Council, Georgia
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- White Energy Company Limited
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- GMR Energy Limited - India
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
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