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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, 26 January 12
ABM INVESTAMA SEALS US$100 MIO CONTRACT - INSIDER STORIES
Insider Stories reported that, PT Reswara Minergi Hartama, a subsidary of PT ABM Investama Tbk (ABMM), has sealed a 2 million tons of coal export co ...
Thursday, 26 January 12
DRY BULK MARKETS DOWNFALL KNOWS NO LIMITS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s demise seems to have no visible end, as China’s Lunar Year Holidays continue this week, thus leaving demand with n ...
Wednesday, 25 January 12
CLEAN AND CLEAR MINING PERMITS TO BE COMPLETED END OF 2012 - BISNIS.COM
Bisnis.com reported that, the government plans to announce 700 mining permits with "clean and clear" status without overlapping on other p ...
Tuesday, 24 January 12
ANOTHER SEVERE DROP IN THE CAPESIZE - BRS
The lunar year celebrations and the high number of new building deliveries (more than 35 Capes so far in January as owners push 2011 deliveries into ...
Tuesday, 24 January 12
BUKIT ASAM FY11 NET PROFIT SURGES 50% - INSIDER STORIES
Insider Stories reported that, the state-controlled PT Bukit Asam Tbk (PTBA) estimated to book Rp3 trillion (approximately US$ 335,570,469) net prof ...
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- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Australian Coal Association
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- White Energy Company Limited
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
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