We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 12 June 12
ITACHA RESOURCES BUYS SARANA MARINE - INSIDER STORIES
Insider Stories reported that, coal mining company PT Itacha Resources, a joint venture between Anthoni Salim and Glenn Yusuf, announced that Itacha ...
Monday, 11 June 12
BAHANA FORECASTS THE COAL PRICES WILL FALL FURTHER
COALspot.com - Growing US coal supplies + low shipping costs = Asia as target.
According to Irwan Budiarto analyst at Bahana Securities, US ...
Monday, 11 June 12
ASIAN COAL TRADING COMMUNITY EMBRACES API 5 AND API 8
Press Release - The Asian coal trading community is embracing the API 5 and API 8 indexes for its swap contracts.
The API 5 index represents 5,50 ...
Sunday, 10 June 12
FREIGHT MARKET EXPECTED TO REMAIN WEAK FOR NEXT FEW WEEKS - VISTAAR
COALspot.com - The BDI continued to fall this week and down by 2.99 pct closing at 877 points.
The Cape index also was down by 5.78 pct closing a ...
Friday, 08 June 12
ESSAR ENERGY RECEIVES FINAL APPROVAL FOR INDONESIAN COAL BLOCK
COALspot.com - Essar Energy plc, the India-focused integrated energy company, today announced that it has received final ‘Pinjam Pakai’ ...
|
|
|
Showing 4696 to 4700 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- The Treasury - Australian Government
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Posco Energy - South Korea
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Australian Coal Association
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
|
| |
| |
|
