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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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Monday, 26 March 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The Baltic Dry Index follows its upward incline for fourth consecutive week by rising to more than 900 points, up by 37% from the bottom low in the ...
Monday, 26 March 12
GOLDEN MINES FY11 REVENUE JUMPS 209% - INSIDER STORIES
Insider Stories reported that, coal miner PT Golden Energy Mines Tbk (GEMS), that is controlled by Sinar Mas Group, recorded a 209% jump in revenue ...
Saturday, 24 March 12
AUSTRALIA'S MINERAL TAX : BENCHMARK FOR OTHER COUNTRIES - SUNIL K KUMBHAT
COALspot.com - Natural resources rich counties like Australia , Indonesia , South Africa , Brazil etc are going through a spectacular resources boom ...
Saturday, 24 March 12
THE AVERAGE CHARTER RATES WAS AT CAPESIZE $ 4,546 PER DAY VS SUPRAMAX / $ 10,819 PER DAY - VISTAAR
COALspot.com - The BDI crossed 900 points this week closing at 908 points up by 3.89 pct. All other sectors were up except for cape index whic ...
Thursday, 22 March 12
ECI-CHINA HANDY RATES ARE AROUND US$ 8000 - FEARNLEYS
Handy
Another positive trend was seen last week with more cargoes entering the market. Skaw-Passero/US Gulf climbed slowly up to USD 3700, while US ...
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- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- MS Steel International - UAE
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Parliament of New Zealand
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
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