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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, 18 May 12
EXPORT TAX WILL ERODE PROFITS, INDONESIAN COAL EXEC COMPLAINS - THE JAKARTA GLOBE
The Jakarta Globe reported that, A 20 percent export duty the government has imposed on 14 mineral ore products will not only take a toll on mining ...
Friday, 18 May 12
KOREA EAST WEST POWER LOOKING FOR TOTAL 2.6 MILLION TONS OF 4600 NAR COAL AT FIXED PRICE FOR 5 YEARS
COALspot.com - Korea East West Power Co., Ltd is inviting bids to supply of 520,000 Metric Tons (per annum) of minimum 4,600 kcal/kg coal of N ...
Friday, 18 May 12
NICKEL ORE CARGOES ARE NOT SEEN IN MARKET ANYMORE DUE TO ON-GOING INDONESIAN BAN - FEARNLEYS AS
Handy
The market remained variable.
Fronthaul voyages both from Baltic and Black Sea paid over USD 18k/day. From USG to Cont tonnage would get ...
Thursday, 17 May 12
COAL MINERS OPPOSE EXPORT TAX, SUGGEST OUTPUT QUOTA - THE JAKARTA POST
The Jakarta Post reported that, coal miners have suggested that the government apply a production quota instead of implementing an export tax in ord ...
Thursday, 17 May 12
DRY BULK MARKET STILL LOOKING FOR NEW DIRECTION - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept on moving sideways during this week, with the mixed performance across all segments. Yesterday, the industry’s be ...
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- Therma Luzon, Inc, Philippines
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- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
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- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Coal and Oil Company - UAE
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- India Bulls Power Limited - India
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- Grasim Industreis Ltd - India
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- Singapore Mercantile Exchange
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- Latin American Coal - Colombia
- Central Electricity Authority - India
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- Ceylon Electricity Board - Sri Lanka
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- Economic Council, Georgia
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- Romanian Commodities Exchange
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- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
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- Tata Chemicals Ltd - India
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- Cement Manufacturers Association - India
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- Sakthi Sugars Limited - India
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- New Zealand Coal & Carbon
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- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
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- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
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- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
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- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
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- Planning Commission, India
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