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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, 14 March 12
GLOBAL THERMAL TRADE FLOW CHANGES WILL ENSURE SECURITY OF THERMAL COAL SUPPLY, ALBEIT AT A HIGH PRICE - WOOD MACKENZIE
Wood Mackenzie Says Global Thermal Trade Flow Changes Will Ensure Security of Thermal Coal Supply, Albeit At a High Price Seaborne thermal demand by ...
Wednesday, 14 March 12
COKAL TAKES ANOTHER STEP IN DEVELOPING INFRASTRUCTURE TO FACILITATE METALLURGICAL COAL PRODUCTION
Global coal group, Cokal Limited (ASX-CKA), has signed Memorandums of Understanding (MoU’s) to develop two river ports and two small scale coa ...
Tuesday, 13 March 12
CLARIFICATION OF GR 24 OF 2012 REQUIRING DIVESTMENT OF FOREIGN OWNERSHIP OVER TIME
ASX Announcement
Global metallurgical coal group, Cokal Limited (ASX-CKA), is responding to the recent announcement of the Indonesian Ministry of ...
Tuesday, 13 March 12
EUROPEAN COAL CONTANGO: FURTHER STEEPNESS REQUIRED TO MAKE LARGE SCALE PHYSICAL TIME SPREAD ARBITRAGE MORE ATTRACTIVE - MISWIN MAHESH, BARCLAYS CAPITAL
COALspot.com - "With the contango between the Y+1 and M+1 ARA delivered contract now averaging above the $14/t level, there is an increasing in ...
Monday, 12 March 12
DELTA DUNIA 1M OVERBURDEN DROPS 3.1% - INSIDER STORIES
Insider Stories reported that, Indonesia's second largest coal mining contractor PT Delta Dunia Makmur Tbk (DOID) reported a 25 million bank ...
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Showing 4806 to 4810 news of total 6871 |
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- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- The University of Queensland
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
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