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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, 01 March 12
INDO-INDIA, LARGE ECO SUPRA CAN FETCH CLOSE TO USD 9K DOP N.CHINA - FEARNLEYS AS
Handy
The Atlantic Handysize market did not see any signs for recovery this week. It is still a major lack of spot cargoes and an oversupply of pro ...
Wednesday, 29 February 12
69 MINERS AGREE TO RENEGOTIATE CONTRACTS - THE JAKARTA POST
The Jakarta Post, one of the leading English news papaer in Indonesia reported that, as many as 60 coal contracts-of-work (PKP2B) and nine non-coal ...
Wednesday, 29 February 12
PUTTING COAL GASIFICATION TO WORK
Clifford Reese of the SSOE Group looks at practical solutions for district energy leaders who wish to implement clean coal technology.
Coal fuels ...
Monday, 27 February 12
COAL MINING PROFITS TOO HIGH, SAYS GOVT - TEMPO INTERACTIVE
Tempo Interactive reported that, Energy and Mineral Resources Deputy Minister of Indonesia Widjajono Partowidagdo has criticized coal-mining compani ...
Monday, 27 February 12
INDONESIAN COAL EXPORTS TO CHINA DROPS 39.76 PERCENT IN JANUARY 2012
COALspot.com: Indonesia, the world largest coal exporter, shipped 28.21* mln mt of coal in January 2012, slightly lower than its December 2011 ...
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- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
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