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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, 08 March 12
INDONESIA'S COAL SECTOR CAN BENEFIT FROM CLEARER REGULATIONS - FITCH RATINGS
Fitch Ratings says Indonesia's coal mining sector should continue to see strong growth prospects but can benefit from clearer and more predictable ...
Thursday, 08 March 12
DRY BULK MARKET ON THE RISE; CHINAS COAL IMPORTS COULD INCREASE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept on rising back to healthier levels yesterday, with the BDI (Baltic Dry Index) the industry’s benchmark, marking its 8 ...
Wednesday, 07 March 12
INDONESIA COAL BENCHMARK PRICE GAINS FOR SECOND MONTH
COALspot.com - Indonesia raised the monthly coal reference price for sales in March by 1.15 percent, the second increase since February.
The Mini ...
Wednesday, 07 March 12
INDONESIA TO LIMIT FOREIGN OWNERSHIP IN MINES TO 49 PERCENT WITHIN 10 YEARS OF PRODUCTION
COALspot.com - Foreign holders of mining licenses in Indonesia have to divert 51% of their stakes to Indonesian government or domestic entitie ...
Wednesday, 07 March 12
ASSESS ASIAS POTENTIAL, DEVELOPMENTS AND APPETITE FOR SHALE AT SHALE GAS SUMMIT
Press Release - Assess Asia’s Potential, Developments and Appetite for Shale at Shale Gas Summit on 23-24 Apr, 2012 in Beijing
China is rep ...
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- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Bhatia International Limited - India
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- MS Steel International - UAE
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
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