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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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Tuesday, 22 May 12
NEW ONE-YEAR TIME CHARTERS FOR TWO VESSELS OF EXCEL MARITIME CARRIERS LTD.
Excel Maritime Carriers Ltd. (NYSE: EXM), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportat ...
Tuesday, 22 May 12
DRY BULK MARKET STEADY, AWAITING FURTHER RISE IN DEMAND WHICH IS DOUBTFUL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Traditionally, the second and third quarters of the year are the strongest for the dry bulk market, but this year, things seem to be quite subdued, ...
Sunday, 20 May 12
SPOT FREIGHT RATE DIPS FURTHER - VISTAAR
COALspot.com - The BDI was marginally up by 3 points (0.26 pct) closing at 1,141 points.
The cape index was up by 1.17 pct closing at 1,633 point ...
Saturday, 19 May 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS DROP US$ 2.88 PMT W-O-W
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for June deliveries have drops this week by 3.86 percent and& ...
Saturday, 19 May 12
INDONESIAN EXPORT TAX GIVES COAL MINERS A CHEAP RIDE: ANALYSTS - THE JAKARTA GLOBE
The Jakarta Globe reported that, Indonesia’s policy to exclude coal from an export tax that has been applied to 14 other mineral commodities h ...
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- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
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- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
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- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
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- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
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- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Planning Commission, India
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Economic Council, Georgia
- White Energy Company Limited
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- The University of Queensland
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Mjunction Services Limited - India
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