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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, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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Showing 11 to 15 news of total 6871 |
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- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Minerals Council of Australia
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
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