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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, 15 January 12
THE FREIGHT MARKET CONTINUED TO BLEED - VISTAAR
COALspot.com - "The markets continued to bleed with BDI touching almost 1000 points , almost reaching the collapse of 2008 levels," said C ...
Saturday, 14 January 12
GOLDEN MINES TO SUPPLY 4 MIO TONS - INSIDER STORIES
Insider Stories reported that, Coal miner under Sinarmas Group PT Golden Energy Mines Tbk (GEMS), a subsidiary of PT Dian Swastatika Sentosa Tbk (DS ...
Friday, 13 January 12
DIFFICULT START OF 2012 FOR DRY BULK MARKET SEEN HARD TO CHANGE IN THE COURSE OF THE YEAR, UNLESS DEMOLITION PICKS UP
The dry bulk market has been on a freefall this week after a rocky start to the new year. Yesterday, the BDI (Baltic Dry Index) the industry's benc ...
Thursday, 12 January 12
DRY BULK MARKET CRASHING AT START OF THE YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept being on freefall mode yesterday, with the industry's benchmark, the BDI (Baltic Dry Index) losing a massive 5.17% on ...
Wednesday, 11 January 12
NEWBUILDING ORDERS DECLINE, AS SHIP OWNERS REALIZE OVERSUPPLY WILL "KILL" THEM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With 2012 now underway, it will be rather interesting to see how ship owners will play the "newbuilding ordering" card to their favor, as ...
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- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Marubeni Corporation - India
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
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