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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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Monday, 28 May 12
COAL EXPORTS ARE JUMPING HIGHER, BUT PRICES ARE FALLING LOWER
COALspot.com: Indonesia, the world largest coal exporter, shipped 31.86* million tons of coal in April 2012, compared to 30.64* million tons i ...
Sunday, 27 May 12
THE FREIGHT MARKET FROM INDONESIA TO INDIA WAS WEAK - VISTAAR
COALspot.com - The BDI continued to fall for the fourth straight week and the BDI fell by 9.38 pct this week closing at 1,034 points.
The Cape Si ...
Sunday, 27 May 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS HEADING TO SOUTH DIRECTION
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for July deliveries have dropped this week by 5.43 percent an ...
Saturday, 26 May 12
DRY BULK SHIP OWNERS LOOKING TO CUT BACK ON TONNAGE SUPPLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The oversupply of dry bulk carriers has been the most prominent problem in the market today, pushing down rates and ‘strangling’ profita ...
Thursday, 24 May 12
DRY BULK MARKET RETREATS ON LACK OF CHINA DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market retreated yesterday on the back of lower Chinese demand for commodities such as coal and iron ore, typically hauled by dry bulk ...
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Showing 4716 to 4720 news of total 6871 |
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- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- The University of Queensland
- The Treasury - Australian Government
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
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