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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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Friday, 01 June 12
COKAL ACCEPTED ON THE CLEAN AND CLEAR LIST FOR ITS BORNEO BARA PRIMA AND BUMI BARITO MINERAL PROJECTS
- Borneo Bara Prima (BBP) Project confirmed on the Clean and Clear List 9th May 2012
- Bumi Barito Mineral (BBM) Project confirmed on the Clean and ...
Friday, 01 June 12
ADARO BUYS MAJORITY STAKE IN AFFILIATED BHAKTI ENERGI - INSIDER STORIES
Insider Stories reported that, PT Adaro Energy Tbk entered into an option to provide a convertible loan of up to US$500 million for a period of 3 ye ...
Thursday, 31 May 12
DRY BULK MARKET UNABLE TO FIND NEW SUPPORT TO REACH HIGHER LEVELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been unable to find new support and recover to higher levels during these past few days. As a result, the Baltic Dry Index ( ...
Wednesday, 30 May 12
ORPHEUS RAISES $2.24M TO ADVANCE INDONESIAN COAL PRODUCTION ASSETS
• $2.24 million raised from a placement to new and existing institutional and sophisticated investors from Australia and overseas
• Funds ...
Wednesday, 30 May 12
ARPENI SECURES TRANSSHIPMENT CONTRACT FROM BARUNA DIRGA
Insider Stories reported that, shipping operator PT Arpeni Pratama Ocean Line Tbk (APOL) has secured a 1-year coal transhipment contract of 4 millio ...
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- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- The University of Queensland
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
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- Eastern Coal Council - USA
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
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- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
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- Therma Luzon, Inc, Philippines
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- Neyveli Lignite Corporation Ltd, - India
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- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Independent Power Producers Association of India
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