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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, 01 January 12
IS INDIA FOLLOWING INDONESIA TO STANDARDIZE COAL PRICES TO GET MAXIMUM BENEFITS?
COALspot.com - Coal India limited, an Indian state owned and world largest coal producer has introduced gross calorific value (GCV) based pricing me ...
Saturday, 31 December 11
GLOBALCOAL NEWC INDEX SURGED 2.32 PERCENT
COALspot.com - globalCOAL index in Newcastle Port, benchmark for Asian market, ended substantially higher, surged 2.32 percent to US$115.47 per ...
Saturday, 31 December 11
BORNEO LUMBUNG TO BUY BUMI STAKE, SWAP CEO - THE JAKARTA GLOBE
The Jakarta Globe, one of the leading english news paper in Indonesia reported yesterday, shareholders of Indonesian coking coal miner Borneo Lumbun ...
Friday, 30 December 11
CENTRAL GOVERNMENT SHOULD ISSUE PERMITS - THE JAKARTA POST
The Jakarta Post reported that, business associations from both the palm oil and mining sectors have suggested that the central government should re ...
Thursday, 29 December 11
NEW VESSELS DELIVERED ARE FLOODING THE OCEANS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As expected 2011 has been the year that newbuilding deliveries peaked and kept "flooding" the market, thus supressing freight rates and er ...
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- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- The University of Queensland
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- PTC India Limited - India
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