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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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Sunday, 27 May 12
THE FREIGHT MARKET FROM INDONESIA TO INDIA WAS WEAK - VISTAAR
COALspot.com - The BDI continued to fall for the fourth straight week and the BDI fell by 9.38 pct this week closing at 1,034 points.
The Cape Si ...
Sunday, 27 May 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS HEADING TO SOUTH DIRECTION
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for July deliveries have dropped this week by 5.43 percent an ...
Saturday, 26 May 12
DRY BULK SHIP OWNERS LOOKING TO CUT BACK ON TONNAGE SUPPLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The oversupply of dry bulk carriers has been the most prominent problem in the market today, pushing down rates and ‘strangling’ profita ...
Thursday, 24 May 12
DRY BULK MARKET RETREATS ON LACK OF CHINA DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market retreated yesterday on the back of lower Chinese demand for commodities such as coal and iron ore, typically hauled by dry bulk ...
Tuesday, 22 May 12
NEW ONE-YEAR TIME CHARTERS FOR TWO VESSELS OF EXCEL MARITIME CARRIERS LTD.
Excel Maritime Carriers Ltd. (NYSE: EXM), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportat ...
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- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- The University of Queensland
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
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