PT Adaro Energy Tbk operates the largest single-site coal mine in the southern hemisphere (Tabalong), and is a major supplier to the global seaborne thermal coal market. Adaro’s coal is widely used throughout Europe, Asia and the Americas.

Adaro’s vision is to be the largest and most efficient integrated coal mining and energy company in south east Asia. The company and its subsidiaries deal in coal mining and trade, coal infrastructure and logistics, and mining contractor service. Each operating subsidiary is positioned as an independent and integrated profit centre.

Indonesia: Adaro operates under a Coal Cooperation Agreement with the Indonesian government. It is allowed to mine coal within its agreement area in the Tanjung district of South Kalimantan Province – around 36,000 hectares located 15 kilometres east of the provincial town of Tanjung. Additionally, in October 2016, Adaro became the sole owner of the IndoMet Coal project after buying BHP’s 75% stake. IndoMet comprises seven Coal Contracts of Work located in Central and Eastern Kalimantan.

Kestrel Coal mine Queensland

Workers at the Kestrel underground coal mine in Queensland. Credit: Rio Tinto


Australia: Adaro bought the underground Kestrel coal mine in Queensland, Australia from Rio Tinto in 2018. Read our article on how ANZ bank helped finance the $1.7 billion deal.

Share Offerings

Shareholders

Investor Ownership (%) Date
1. PT Adaro Strategic Investments 43.91 31 Mar 2019
2. Garibaldi Thohir 6.18 31 Mar 2019
3. Edwin Soeryadjaya 3.29 31 Mar 2019
4. Theodore Permadi Rachmat 2.54 31 Mar 2019
5. Dimensional Fund Advisors, L.P. 1.61 30 Jun 2019
6. The Vanguard Group, Inc. 1.42 31 May 2019
7. BlackRock Institutional Trust Company, N.A. 1.01 30 Jun 2019
8. First Trust Advisors L.P. 0.27 30 Jun 2019
9. CPP Investment Board 0.26 31 Mar 2019
10. Arini Saraswaty Subianto 0.25 31 Mar 2019

Loans

Institution Total aggregate debt (US$ million) Number of deals Year of most recent deal
OCBC Bank $554 14 2018
Bank of Tokyo-Mitsubishi UFJ (MUFG) $511 14 2018
DBS Bank $507 15 2018
Sumitomo Mitsui Banking Corporation $455 13 2018
Bank Mandiri $322 10 2018
HSBC $270 12 2018
CIMB Group $239 9 2018
 Australia and New Zealand Banking Group $226 8 2018
United Overseas Bank $172 10 2018
Mizuho Financial Group $136 10 2018
Citigroup $85 7 2018
CTBC Bank $62 6 2018
Korea Development Bank $52 5 2018
ING Bank $45 1 2014
ABN Amro $43 1 2010
Chinatrust Commercial Bank $28 5 2013
Nord LB $26 1 2010
Bank of China $25 1 2018
Maybank $20 1 2014
Bangkok Bank $17 1 2010
Credit Agricole Group $15 2 2011
Societe Generale $10 2 2011
Commerzbank $9 1 2010
Bank Lippo $7 1 2010

Bonds

Structure

Disclaimer

PLEASE NOTE: The US$ figures presented are the sum of lenders’ corporate loans to Adaro from 2006-June 2019. The ‘number of deals’ column indicates the number of deals (of a total of 17 transactions identified) in which a bank has been involved.

Information comes from Adaro’s annual reports, as well as other public and subscription-based information sources. Occasionally, where information is incomplete, assumptions must be made about data and these were made in a consistent manner and in good faith. Whilst we endeavoured to gather and include all relevant deals, we cannot guarantee the completeness of the information presented.

Last Updated: 2 August 2019