PT Adaro Energy Tbk operates the largest single-site coal mine in the southern hemisphere (Tabalong), and is a significant supplier to the global seaborne thermal coal market. The company’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 currently 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.

The company operates under a Coal Cooperation Agreement with the Government of Indonesia which gives it the right to mine coal within its Agreement Area in the Tanjung district of South Kalimantan Province. The Agreement Area covers approximately 36,000 hectares and lies 15 kilometers due east of the provincial town of Tanjung. Additionally in October 2016, Adaro became the sole owner of the IndoMet Coal project after acquiring BHP’s 75% stake. IndoMet comprises seven Coal Contracts of Work which are located in Central and Eastern Kalimantan.

Adaro acquired the Kestrel coal mine in Australia from Rio Tinto in 2018.

Loans

Institution Total aggregate debt (US$ million) Number of deals Most recent deal date
OCBC Bank $880 12 17/04/2018
DBS Bank $944 15 17/04/2018
Bank of Tokyo-Mitsubishi UFJ $807 12 17/04/2018
Sumitomo Mitsui Banking Corporation $787 13 17/04/2018
Bank Mandiri $420 8 21/12/2015
Standard Chartered Bank $547 10 17/04/2018
Australia and New Zealand Banking Group $651 10 17/04/2018
United Overseas Bank $319 11 21/12/2015
HSBC $270 8 21/12/2015
CIMB Group $360 6 17/04/2018
Mizuho Financial Group $111 6 21/12/2015
ABN Amro $93 2 7/10/2010
Citi $60 4 21/12/2015
NordLB $56 2 7/10/2010
Chinatrust Commercial Bank $53 4 29/05/2013
ING $45 1 25/08/2014
Credit Agricole $45 2 18/02/2011
Bangkok Bank $37 2 7/10/2010
CTBC Bank $37 3 21/12/2015
BNP Paribas $35 1 2/10/2009
Indonesia Eximbank $30 1 13/08/2008
Korea Development Bank $27 2 21/12/2015
Maybank $20 1 25/08/2014
Commerzbank $19 2 7/10/2010
Export Development Canada $15 1 29/05/2006
Bank Resona Perania $15 1 29/05/2006
Bank Lippo $14 2 7/10/2010
Societe Generale $10 1 18/02/2011
Total $1,705 17 17/04/2018

Bonds

Structure

Shareholders

Investor Ownership (%) Date
1. PT Adaro Strategic Investments 43.91 31 Dec 2017
2. Garibaldi Thohir 6.18 31 Dec 2017
3. Edwin Soeryadjaya 3.29 31 Dec 2017
4. Theodore Permadi Rachmat 2.54 31 Dec 2017
5. Dimensional Fund Advisors, L.P. 1.78 28 Feb 2018
6. The Vanguard Group, Inc. 1.40 31 Mar 2018
7. BlackRock Institutional Trust Company, N.A. 1.02 31 Mar 2018
8. APG Asset Management 0.35 31 Mar 2018
9. Nuveen LLC 0.21 31 Mar 2018
10. Parametric Portfolio Associates LLC 0.19 28 Feb 2018

PLEASE NOTE: The US$ figures presented are the sum of lenders’ corporate loans to Adaro from 2006-2017. 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: 28 April 2018