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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, 12 March 12
DRY BULK RATES WILL REMAIN LOW IN 2012 SAYS DANISH SHIP FINANCE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its annual shipping survey Danish Ship Finance said that the current outlook for the Dry Bulk market seems unlikely to foster higher rates in any ...
Monday, 12 March 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The first days of March appear to be more encouraging for dry bulk operators, but the outlook is still gloomy for the rest of year with earnings for ...
Sunday, 11 March 12
FREIGHT RATES FOR INDONESIA TO INDIA WILL CONTINUE TO REMAIN FIRM- VISTAAR
COALspot.com - This week saw another upward trend with all indices up except for the Cape index.
The BDI was up by 6.87 pct closing at 824 points ...
Friday, 09 March 12
MINING IN INDONESIA: RESTRICTION ON FOREIGN INVESTMENT - SUNIL K KUMBHAT
COALspot.com - Recently Govt has passed regulation instructing foreign mining companies to reduce their ownership stake.
The regulation known as ...
Friday, 09 March 12
SHIP OWNERS LOOKING TO CHINA FOR REVIVAL, WHILE THEY KEEP SELLING OLD SHIPS FOR SCRAP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With China’s economic policy plan for the future on every ship owner’s mind, at least those involved in the dry bulk industry, the lates ...
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Showing 4811 to 4815 news of total 6871 |
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- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Romanian Commodities Exchange
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Indian Energy Exchange, India
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
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