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Tuesday, 13 March 12
CLARIFICATION OF GR 24 OF 2012 REQUIRING DIVESTMENT OF FOREIGN OWNERSHIP OVER TIME
 ASX Announcement
Global metallurgical coal group, Cokal Limited (ASX-CKA), is responding to the recent announcement of the Indonesian Ministry of Mining and Energy to make a new regulation GR 24 of 2012 which will requires the gradual divestment of foreign ownership of mining assets.
Under the new regulation mining interests held under an IUP, the type of licence Cokal has, are required to achieve minimum levels of Indonesian ownership by a certain points in their operational life. The minimum level of local ownership is related to how many years a specific mining licence has been in commercial production, see below:
Clause 97
(1) The holder of IUP and IUPK for the purpose of foreign investment, after 5 (five) years as of its production is obliged to divest its shares gradually so that on the tenth year its shares will beheld at least 51% (fifty one percent) by an Indonesian citizen.
(1a) The ownership of the Indonesian citizen as stipulated under verse (1), in each year after the end of the fifth year as of production shall not be less than the percentages below:
a. Sixth year 20% (twenty percent);
b. Seventh Year 30% (thirty percent);
c. Eighth Year 37% (thirty seven percent);
d. Ninth Year 44% (forty four percent);
e. Tenth Year 51% (Fifty one percent), of all the amount of shares.
The new regulation specifies that, if an IUP has not achieved the required level of Indonesian ownership by the required time, a divestment process will commence whereby the equity is first offered to various government interests ahead of a private Indonesian Investor.
The regulation, if applied in a similar manner to previous divestment processes on COW licences in the past, would allow the foreign owner to sell the equity at a suitable market price. Cokal currently has four IUPs in Central Kalimantan, AAM and AAK are owned 75% by Cokal, and would be affected by the new divestment requirements, if fully implemented, by the seventh year of production. Cokal’s other two IUPs BBM and BBP are 60% owned and would therefore not be effected until year nine of commercial production.
The implementation of the new regulation is a process that has operated in Indonesia on other licences such as COWs for many years. These previous divestment actions provide some examples of how local ownership requirements can be met in a manner that is manageable and ensures investors are delivered maximum value. Structures which have been implemented previously by other foreign mining companies in Indonesia include:
1. The dual listing of the parent company which owns the various IUPs on the Indonesian Stock exchange. This can be used to provide access to additional capital while providing a percentage of local ownership on top of any pre-existing locally owned direct equity in the individual IUPs.
2. The listing of a separate vehicle on the Indonesian Stock Exchange owned jointly by the parent company and local investors which can hold any additional equity beyond that which may already be locally owned to meet the overall local ownership requirements.
3. The sale of direct project (IUP) equity to a suitable Indonesia investor under a trade sale arrangement.
With considerable value to be realised across its Indonesian portfolio over the next 10 + years, the company intends to be proactive in developing a corporate strategy that captures the best outcome for shareholders while meeting the legal requirements of the government of Indonesia. The company remains confident in the potential of Central Kalimantan to become a bottom cost quartile metallurgical coal province, and will continue to push ahead with its goal of becoming a significant producer in the region.
Source: Cokal Website
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Sunday, 17 June 12
S7 & S8 ROUTES ARE LIKELY TO BE SOFT NEXT WEEK - VISTAAR
COALspot.com - The BDI gained some increase after continues fall for several weeks.
The BDI increased by 47 points (up by 5.36 pct) closing at 92 ...
Saturday, 16 June 12
INDONESIAN SUB-BITUMINOUS COAL & CFR SOUTH CHINA COAL CONTRACT SWAPS ARE UNDER PRESSURE
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for July deliveries seems to be under pressure this week.&nbs ...
Friday, 15 June 12
CAPESIZE - THE LEVELS THAT DID FIX ARE DOWN W-O-W LEVELS - FEARNLEYS
Handy
Another slow-moving market with rates hovering at same level as last week. US Gulf positions fixed USD 25,000 for trips to Cont/Passero and S ...
Thursday, 14 June 12
SMALLER DRY BULK CARRIERS LIKELY TO FACE MORE CHALLENGES; DEMOLITION ACTIVITY SET FOR RECORD YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest update on the dry bulk markets, BIMCO said that China is partly “failing to deliver” on raw material imports that can affe ...
Wednesday, 13 June 12
LOW COAL PRICES COULD CHANGE SUPPLY SIDE DYNAMICS - FITCH RATINGS
Fitch Ratings believes that the weakness seen in thermal coal prices in recent months should reverse once demand from major importers recovers, alth ...
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- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Australian Coal Association
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
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