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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$66 million from third party minority holders.
Source: Insider Stories
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Sunday, 19 February 12
THE SPOT FIXTURE RATES WERE REPORTED AT HIGH LEVELS - VISTAAR
COALspot.com - "The markets seems to holding back this week appears the momentum which picked up last week may slow down" - Capt. Reddy of ...
Sunday, 19 February 12
INDIKA ACQUIRES MULTI TAMBANGJAYA - INSIDER STORIES
Insider Stories reported that, PT Indika Energy Tbk (INDY) announced that wholly-owned subsidiaries have signed a conditional sale and purchase agre ...
Friday, 17 February 12
COLOMBIA COAL PRODUCTION, EXPORTS JUMP IN 2011: GOVT - COLOMBIA REPORTS
Colombia Reports reported that, colombia's coal production jumped 15.4% in 2011 to 85.8 million tonnes versus the previous year while exports rose ...
Thursday, 16 February 12
GEARING UP FOR THE EMERGING OIL & GAS OPPORTUNITIES IN MYANMAR
Press Release - Myanmar Ministry of Energy and Centre for Management Technology (CMT) to Co-host MOGP (Myanmar Oil, Gas & Power) Summit on 28 - ...
Wednesday, 15 February 12
HBA FOR FEB 2012, CLIMBS 2.09 PERCENT AND REACHED US$ 111.58 PER TON
COALspot.com - The Indonesian coal reference price for February climbs 2.09 percent to US$111.58 per ton after losing past three months. ...
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- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- The University of Queensland
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Australian Coal Association
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- PTC India Limited - India
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Deloitte Consulting - India
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
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