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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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Saturday, 07 January 12
COAL MARKETS SEE FALLING SPOT PRICES
COALspot.com – World’s thermal coal spot prices have slipped this week..
globalCOAL index in Newcastle Port, benchmark for Asian mark ...
Friday, 06 January 12
COAL INDIA LINKED COAL PRICES WITH INTERNATIONAL COAL PRICES
COALspot.com - Consumers of indigenous coal in India to pay International prices in the future. Coal India has recently moved from UHV pricing mecha ...
Friday, 06 January 12
CLARIDEN GLOBAL BRINGS YOU INDONESIA MINING 2012
Capitalizing Business & Investment Opportunities in an Uncertain Market.Press Release - Clariden Global brings you Indonesia Mining 2012, the dedi ...
Friday, 06 January 12
THE PANAMAX MARKET EXPERIENCED A SLOW START TO 2012 - FEARNLEYS AS
Handy
As usual after a holiday owners and charterers both try to get a feel of the market. An Armada of Supras were talking to ballast towards USG, ...
Thursday, 05 January 12
DRY BULK MARKET TAKES A PLUNGE OF LOW ACTIVITY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As was widely expected the first days of the new year are characterized by significantly low chartering across the board of the dry bulk market, pus ...
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- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
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- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
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- Petrochimia International Co. Ltd.- Taiwan
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- Tamil Nadu electricity Board
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- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
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