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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, 13 February 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The current sentiment in the dry market resembles memories from the end of 2008, when the Baltic Dry Index closed at the level of 663 points on Dece ...
Sunday, 12 February 12
INDONESIA HAS ISSUED A REGULATION TO BAN THE EXPORT OF UNPROCESSED MINERALS AND METALS BY 2014
COALspot.com - The Indonesian government has finally issued a ministerial decree (7 Year 2012 dated 6 February 2012) to ban the export of unpro ...
Sunday, 12 February 12
THE BALTIC DRY INDEX CLIMBS 10.51%
COALspot.com - "The markets touched record lows not seen since mid 80’s. However there was some good news with signs of market recovery a ...
Saturday, 11 February 12
A SNAPSHOT ON THE ECONOMIC AND SHIPPING ENVIRONMENT - GOLDEN DESTINY
The week was highlighted with intense worries in the eurozone for Greece to secure its second bailout of $130billion by applying a ...
Saturday, 11 February 12
WILL HISTORY REPEAT ITSELF IN THIS SHIPPING CYCLE? - CLARKSONS / HELLENIC SHIPPING
A slightly dubious "best man" joke runs as follows… Best man (giving his wedding speech): "Have you noticed how history repeat ...
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- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Planning Commission, India
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
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