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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$66 million from third party minority holders.
Source: Insider Stories
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Tuesday, 22 May 12
DRY BULK MARKET STEADY, AWAITING FURTHER RISE IN DEMAND WHICH IS DOUBTFUL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Traditionally, the second and third quarters of the year are the strongest for the dry bulk market, but this year, things seem to be quite subdued, ...
Sunday, 20 May 12
SPOT FREIGHT RATE DIPS FURTHER - VISTAAR
COALspot.com - The BDI was marginally up by 3 points (0.26 pct) closing at 1,141 points.
The cape index was up by 1.17 pct closing at 1,633 point ...
Saturday, 19 May 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS DROP US$ 2.88 PMT W-O-W
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for June deliveries have drops this week by 3.86 percent and& ...
Saturday, 19 May 12
INDONESIAN EXPORT TAX GIVES COAL MINERS A CHEAP RIDE: ANALYSTS - THE JAKARTA GLOBE
The Jakarta Globe reported that, Indonesia’s policy to exclude coal from an export tax that has been applied to 14 other mineral commodities h ...
Friday, 18 May 12
EXPORT TAX WILL ERODE PROFITS, INDONESIAN COAL EXEC COMPLAINS - THE JAKARTA GLOBE
The Jakarta Globe reported that, A 20 percent export duty the government has imposed on 14 mineral ore products will not only take a toll on mining ...
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- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- White Energy Company Limited
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
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