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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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Friday, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- PTC India Limited - India
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Planning Commission, India
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Heidelberg Cement - Germany
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