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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, 01 June 12
COKAL ACCEPTED ON THE CLEAN AND CLEAR LIST FOR ITS BORNEO BARA PRIMA AND BUMI BARITO MINERAL PROJECTS
- Borneo Bara Prima (BBP) Project confirmed on the Clean and Clear List 9th May 2012
- Bumi Barito Mineral (BBM) Project confirmed on the Clean and ...
Thursday, 31 May 12
DRY BULK MARKET UNABLE TO FIND NEW SUPPORT TO REACH HIGHER LEVELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been unable to find new support and recover to higher levels during these past few days. As a result, the Baltic Dry Index ( ...
Wednesday, 30 May 12
ORPHEUS RAISES $2.24M TO ADVANCE INDONESIAN COAL PRODUCTION ASSETS
• $2.24 million raised from a placement to new and existing institutional and sophisticated investors from Australia and overseas
• Funds ...
Wednesday, 30 May 12
ARPENI SECURES TRANSSHIPMENT CONTRACT FROM BARUNA DIRGA
Insider Stories reported that, shipping operator PT Arpeni Pratama Ocean Line Tbk (APOL) has secured a 1-year coal transhipment contract of 4 millio ...
Monday, 28 May 12
COAL EXPORTS ARE JUMPING HIGHER, BUT PRICES ARE FALLING LOWER
COALspot.com: Indonesia, the world largest coal exporter, shipped 31.86* million tons of coal in April 2012, compared to 30.64* million tons i ...
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- Interocean Group of Companies - India
- Planning Commission, India
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
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