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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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Monday, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- White Energy Company Limited
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Australian Coal Association
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
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