We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Friday, 10 February 12
TONNAGE KEEPS ON COMING - DREWRY
Drewry Maritime Research’s latest edition of its Dry Bulk Forecaster pulls no punches in its assessment of a market that looks certain to cont ...
Friday, 10 February 12
GIVE PERMIT POWERS TO GOVERNORS: MINERS - THE JAKARTA POST
The Jakarta Post reported that, following clashes between mining companies and local residents, the Indonesian Mining Association (IMA) wants to tra ...
Thursday, 09 February 12
AUSTRALIA'S EPIC TO ACQUIRE 15,500 HA COAL EXPLORATION LICENCES IN EAST KALIMANTAN, INDONESIA
COALspot.com - Epic Resources Limited to acquire two coal concessions in Kutai Barat regency, East Kalimantan, Indonesia.
According to company's ...
Thursday, 09 February 12
RESOURCE ALAM BUYS 28,521HA CONCESSIONS - INSIDER STORIES
Insider Stories reported that, PT Resource Alam Indonesia Tbk (KKGI), owned by Adijanto family, today announced acquisition of 75% interest in PT Ka ...
Tuesday, 07 February 12
DRY BULK MARKET FINALLY STOPS DECLINE, POSTS FIRST RISE IN MORE THAN A MONTH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
After falling to near record lows, not seen since the mid-80s the dry bulk market has finally stopped its path to "hell", with the industr ...
|
|
|
Showing 4856 to 4860 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Latin American Coal - Colombia
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- The University of Queensland
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Parliament of New Zealand
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Australian Coal Association
- Central Electricity Authority - India
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
|
| |
| |
|
