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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$66 million from third party minority holders.
Source: Insider Stories
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Thursday, 22 March 12
DRY BULK MARKET KEEPS SURGING, CAPESIZES FALLING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In what seems to be an establishing pattern, the dry bulk market has kept its upward momentum, edging closer to the 900 point-mark, but the larger s ...
Wednesday, 21 March 12
BUMA HAS PRODUCED 2.3 MILLION TONS OF COAL IN FEBRUARY 2012
COALspot.com - PT. Delta Dunia Makmur's overburden removal in February 2012 has reached totaled 23.8 million bcm (+2.4% YoY) while coal production ...
Tuesday, 20 March 12
SMALLER DRY BULK VESSELS STILL LEADING DRY BULK MARKET TO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been growing during the past couple of weeks, but contrary to the usual practice, it’s not the larger Capesizes which ...
Monday, 19 March 12
WEEKLY DRY MARKET OVERVIEW: SMALLER VESSELS LEAD RATES HIGHER - MARIA BERTZELETOU, HELLENIC SHIPPING
The upward trend of the Baltic Dry Index persists strong from the end of February, spurred from the supramax market that offsets the weakness in the ...
Sunday, 18 March 12
BUKIT ASAM'S NET PROFIT IN 2011 ROSE 54% TO US$ 339.56 MILLION
COALspot.com - Company revenue for the period January - December 2011 amounting to Rp 10.6 trillion (approximately US$ 1,164,835,164.84) recorded an ...
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- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Interocean Group of Companies - India
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- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
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- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Baramulti Group, Indonesia
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Australian Coal Association
- Parliament of New Zealand
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Marubeni Corporation - India
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
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