ARCHIVED

This report has been replaced with an updated version. See the new Banking Climate Failure report here.
Go back to Indonesian coal finance home page

Berau Coal

Ownership
Structure
Loans
Bonds

Berau Coal is based in Indonesia and is majority-owned by PT Sinarindo Ekamulya, a subsidiary of the Sinar Mas Group.

Berau owns a 1,184 square kilometre mining concession area in the Berau Regency in East Kalimantan, Indonesia. The concession area is divided into three sites:

  • Lati Mine
  • Binungan Mine
  • Sambarata Mine.

Berau also owns and operates six coal terminals. The company has undergone major ownership changes in recent years. It was originally owned by London-listed Bumi plc, which was partly owned by Nat Rothschild and the Bakrie family. Bumi plc later became Asia Resources Minerals and was taken over in 2015 by Asia Coal Energy Ventures, of the Sinar Mas Group and the Widjaja family.

Credit: Photo by Peabody Energy, CC BY 3.0

Since 2014, Berau Coal’s annual reports have not been publicly available through the Indonesian Stock Exchange, however, they are still reported as a listed company.

Berau Coal Shareholders

Investor Ownership (%) Filing Date
PT Sinarindo Ekamulya (Sinar Mas Group) 84.74 22 Dec 2016
Other Investors (unclear) 15.26

Loans

Jul 2010: General Credit Facility: US$400M
  • Financial Close: 23/07/2010
  • Tranche 1 (US$300M: Due July 2014)
  • Tranche 2 (US$100M: Due April 2015
  • Lender: Credit Suisse
Apr 2011: Term Loan to Mutiara Tanjung Lestrai: US$3M
  • Financial Close: 12/04/2011
  • Lender: Bank Mega
Dec 2011: Term Loan to Mutiara Tanjung Lestrai: US$5M
  • Financial Close: 30/12/2011
  • Lender: Indonesia Eximbank
Jan 2012: Term Loan to Mutiara Tanjung Lestrai: US$3M
  • Financial Close: 20/01/2012
  • Lender: Bank Mega
May 2012: Term Loan to Pelayaran Sanditia Perkasa: US$5M
  • Financial Close: 08/05/2012
  • Lender: Indonesia Eximbank
Oct 2012: Term Loan to Pelayaran Sanditia Perkasa: US$3M
  • Financial Close: 30/10/2012
  • Lender:  Bank Mandiri

Bonds

Jun 2010: US$350M
Institution Role
Deutsche Bank (US$70M) Joint Book Runner
Credit Suisse (US$280M) Joint Book Runner
Krung Thai Bank Joint Book Runner
Siam Commercial Bank PLC Joint Book Runner
Jul 2010: US$100M
Institution Role
Credit Suisse (US$70M) Joint Book Runner
Deutsche Bank Securities Corp. (US$30M) Joint Book Runner
Mar 2012: $US500M

No further information

Structure of Berau Coal

DISCLAIMER
PLEASE NOTE: Information comes from the companies’ available annual reports (2010 to 2014) and websites, 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. While we endeavoured to gather and include all relevant deals, we cannot guarantee the completeness of the information presented.

INFORMATION UPDATED: 19 AUGUST 2019