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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, 05 March 12
SOME RESOURCE TITANS NOT THRILLED WITH INDONESIAN EXPORT BAN - THE JAKARTA GLOBE
The Jakarta Globe reported that, local representatives of major business associations in East Kalimantan have protested a government regulation that ...
Monday, 05 March 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
An air of optimism poured in the market this week for dry bulk shippers with the Baltic Dry Index recording daily gains during the end of February b ...
Sunday, 04 March 12
SE ASIA WAS FIRM FOR TRIPS TO INDIA AND CHINA - VISTAAR
COALspot.com - This week saw another upward trend with all indices up and generally market was firm.
The BDI was up by 7.38 pct closing at 771 po ...
Friday, 02 March 12
DJMBP HAS ANNOUNCED SECOND BATCH OF CLEAR N CLEAN CERTIFIED MINERS
COALspot.com - The Directorate general of mineral & coal of Indonesia has announced second batch of companies who have passed IUP Clear and Clea ...
Thursday, 01 March 12
BUKIT ASAM TARGETS EUROPEAN INVESTORS
COALspot.com - PT. Bukit Asam (persero) Tbk, Indonesian state owned coal miner is planning to conduct road show in Europe next week to target at Eur ...
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Showing 4826 to 4830 news of total 6871 |
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- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Parliament of New Zealand
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Planning Commission, India
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
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