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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, 22 January 12
FREIGHT MARKET DROPPED TO THE LOWEST LEVEL SINCE 2008
COALspot.com - "The markets continued to soften almost reaching 2008 levels breaking the 1,000 point mark", said Capt. Reddy of Vistaar Sh ...
Saturday, 21 January 12
ASIAS PREMIER COMPREHENSIVE OPEN CUT MINING CONFERENCE SCHEDULED FOR FEBRUARY 2012
As the only such conference in the region for miners and service providers, IBC Asia’s Open Cut Mine Planning & Operational Excellence con ...
Saturday, 21 January 12
COAL MARKETS CELEBRATES A DECADE OF BRINGING BUYERS & SELLERS TOGETHER
In 2012, IBC Asia’s premier Coal Markets conference series – Asia’s only globally focused coal import, export and supply chain eve ...
Saturday, 21 January 12
SAMIN TAN COMPLETES BUMI PLC TAKEOVER - INSIDER STORIES
Insider Stories reported that, Indonesian coking coal miner PT Borneo Lumbung Energi & Metal Tbk (BORN), that is controlled by stellar businessm ...
Thursday, 19 January 12
SOUTHGOBI RESOURCES SELLS MORE THAN FOUR MILLION TONNES OF COAL IN 2011, 58% MORE THAN 2010
COALspot.com - SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) has successfully complets year 2011 on guidance in terms of coal sales and production.
...
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- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
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- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Planning Commission, India
- Thai Mozambique Logistica
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- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
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- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
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