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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, 19 January 12
14TH VOGP MEETING IN HO CHI MINH CITY HANDS OUT LATEST UPDATES AND DEVELOPMENTS IN VIETNAM'S ENERGY INDUSTRY
Press Release: At upcoming 14th Vietnam Oil Gas Power on 27-28 Feb in Ho Chi Minh City the industry’s most influential names including Petrovi ...
Thursday, 19 January 12
DELTA DUNIA SEALS US$820 MIO CONTRACT INSIDER STORIES
Insider Stories reported that, PT Delta Dunia Makmur Tbk (DOID) has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama ( ...
Wednesday, 18 January 12
WARM WINTER ACROSS EUROPE HAS IMPACTED NEGATIVELY COAL DEMAND - BRS
With the Chinese New Year just a week away, all markets are slowing down. The drop in freight rates for all sizes has been significant over the past ...
Wednesday, 18 January 12
DRY BULK MARKET'S DRAMA CONTINUES IN START OF NEW WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A flurry of newbuilding deliveries, coupled with a slow start to the new year, a typical trend for the dry bulk market, has led the industry's benc ...
Monday, 16 January 12
BUMA MINED 2.7 MILLION TONS COAL LAST MONTH
COALspot.com - BUMA has mined 2.7 million tons (-14.1% YoY) coal last month and removed 25.8 million bcm (-5.6% YoY) overburden, according to compan ...
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- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- The University of Queensland
- Australian Coal Association
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Singapore Mercantile Exchange
- Planning Commission, India
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
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