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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, 08 June 12
MINISTER DENIES COAL EXPORT TAX PLAN, ENDORSES RESTRICTIONS - THE JAKARTA POST
The Jakarta post, one of the leading english news paper in Indonesia reported that, Energy and Mineral Resources Minister Jero Wacik has denied that ...
Friday, 08 June 12
NO IMMEDIATE IMPACT ON ADARO'S RATING FROM BEP TRANSACTION - FITCH RATINGS
Fitch Ratings has said that PT Adaro Indonesia's (Adaro, 'BB+'/ Stable) ratings are not immediately affected by its parent PT Adaro Energy Tbk's ...
Thursday, 07 June 12
DRY BULK MARKET FALLS FOR 10 STRAIGHT SESSION ON OVERSUPPLY PROBLEMS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A resurgence of oversupply, coupled with national holidays in various parts of the world has contributed to yet another fall of the dry bulk market ...
Thursday, 07 June 12
COAL EXPORT TAX NOT RATIONAL: MINISTER - THE JAKARTA POST
Trade Minister Gita Wirjawan has criticized as irrational the idea to restrict coal exports by imposing an export tax, According to The Jakarta post ...
Thursday, 07 June 12
BY 2022 PLN IS EXPECTED TO BURN AROUND 125 MILLION TONS OF COAL
COALspot.com - Indonesia's state owned electricity company's (PLN) coal consumption is expected to reach 125.7 million tons by 2012.
Nur Pamudj ...
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- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- MS Steel International - UAE
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Australian Coal Association
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- White Energy Company Limited
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
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