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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, 27 February 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The pessimism in the dry market persists with the Baltic Dry Index still trying to find a steady pace of growth and average time charter earnings fo ...
Sunday, 26 February 12
THE FREIGHT RATES FOR INDONESIA TO INDIA IS LIKELY TO BE FIRM FOR NEXT 2/3 WEEKS - VISTAAR
COALspot.com – “There was not much change in the BDI and other indices this week except for the Panamax which was down by 11.91 pc ...
Friday, 24 February 12
DRY BULK MARKET POSTS FIRST REBOUND IN A WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As was expected since mid-week, the dry bulk market's benchmark, the BDI (Baltic Dry Index) has managed to put a stop in a 6-day losing rally, endi ...
Thursday, 23 February 12
2.5 PANAMAX VESSELS PER AVAILABLE CARGO FOR MARCH DATES - FEARN BULK
Handy
Another depressing week for Supras in both basins. Lack of fresh business and over-supply of tonnage in the Atlantic pushed rates south. Cont ...
Wednesday, 22 February 12
RAW COMMODITY EXPORT BAN SPARKS SMELTER BUILDING BOOM IN INDONESIA ANTARA / THE JAKARTA GLOBE
Antara / The Jakarta Globe reported that, as the government gears up to ban all exports of unprocessed commodities, Indonesia will see 12 new ...
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Showing 4836 to 4840 news of total 6871 |
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- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- The University of Queensland
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
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