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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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Tuesday, 10 January 12
THE 4TH DEEPWATER ASIA CONGRESS 2012 WILL KICK OFF ON MAY 23 - 25
Press release - Based on the past three years’ success, SZ & W Group is excited to announce the 4th Deepwater Asia Congress will be held o ...
Monday, 09 January 12
2012: WHAT WILL IT BRING FOR THE DRY BULK MARKET? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A further increase in dry bulk demand could be the remedy for most of the industry's oversupply issues, together of course with the high level of s ...
Sunday, 08 January 12
ICICI OUTLOOK ON INDIAN POWER, MINING,CEMENT, AND SHIPPING SECTORS PERFORMANCE IN 2012
Broking firm, ICICIdirect (India) has come out with report on sectors outlook for 2012. IRIS has collated key highlights for each sector from ...
Sunday, 08 January 12
SUPRAMAX DELIVERY SOUTH CHINA FOR TRIPS VIA INDONESIA WERE REPORTED AROUND $ 7000 PER DAY - VISTAAR
Wish You a Very Happy and Prosperous New year 2012.
COALspot.com - The last report by us was on 16th Dec 2011 and because of holidays this would ...
Sunday, 08 January 12
THARPAK CONSORTIUM FORMED TO DEVELOP MEGA ENERGY COMPLEX IN SINDH PROVINCE, PAKISTAN
Press Release: On January 5th, TharPak, LLC met with officials of the Embassy of Pakistan in Washington DC to introduce and announce the formation o ...
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- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- VISA Power Limited - India
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
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