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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, 15 May 12
POTENTIAL BOOM OF CHINAS COAL IMPORTS COULD PROVIDE FURTHER SUPPORT TO DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been moving sideways during the past week with the industry’s benchmark, the Baltic Dry Index (BDI) losing 0.53% on th ...
Saturday, 12 May 12
THE SHIPPING MARKET IS UNLIKELY TO SEE A REBOUND ANYTIME SOON - VISTAAR SINGAPORE
COALspot.com - The BDI softened this week and it was down by 1.64 pct closing at 1,138 points.
The cape index was up by 2.41 pct closing at 1,61 ...
Friday, 11 May 12
POLITICAL CHANGES COULD LEAD TO TEMPORARY HALT IN SHIPPING INVESTMENTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The potential of changes of political leadership in many of the world’s leading economies could very well lead to significant shifts in the di ...
Thursday, 10 May 12
DRY BULK ERRATIC ON LACK OF DIRECTION - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept up its erratic behavior as it went down again during yesterday’s session, on a lack of direct guidance in terms o ...
Wednesday, 09 May 12
COAL INDIA SIGNS FSAS WITH 13 POWER UNITS SO FAR - PTI
Press Trust of India has reported that, coal India has so far entered into fuel supply pacts with 13 power units, including Reliance Power's Rosa P ...
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- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Posco Energy - South Korea
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
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