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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, 11 April 12
DRY BULK MARKET STILL SUBDUED, RECOVERY NOT YET SEEN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market entered the new week after the past days of easter holidays in western countries in a subdued mood. The industry’s benchma ...
Monday, 09 April 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The first week of April ended with the Baltic Dry Index falling below 950 points, before Catholic Easter, and capesizes showing a modest upturn with ...
Sunday, 08 April 12
CHARTER RATES COULD CONTINUE TO BE SOFT NEXT WEEK - VISTAAR
COALspot.com - The BDI was almost at same levels closing slightly lower by 0.64 pct at 928 points.
The Cape index was up by 6.73 pct closing at ...
Friday, 06 April 12
INDONESIAN HBA FALL TO LOWEST LEVEL SINCE JANUARY 2011
COALspot.com - Indonesian HBA fall to lowest level since January 2011 this month. The monthly coal reference price for coal sales in April fal ...
Friday, 06 April 12
DRY BULK MARKET SWIFT TO HALT FALL ON RENEWED DEMAND FOR CAPESIZES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk managed to put a stop to the recent falls, which came as a result of a lacklustre demand for smaller vessel sizes. Although this trend ...
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- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- The University of Queensland
- Australian Coal Association
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
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