We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 08 May 12
DRY BULK MARKET LOOKING FOR NEW DIRECTION THIS WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the BDI (Baltic Dry Index) the main benchmark of the dry bulk shipping industry not traded at the start of this week, traders, charterers and s ...
Monday, 07 May 12
INDONESIAN HBA FALL AGAIN IN MAY 2012
COALspot.com - Indonesian HBA fall again to lowest level since January 2011 in May 2012. The monthly coal reference price for coal sales in Ma ...
Sunday, 06 May 12
INDONESIAN SUB-BITUMINOUS COAL & CFR SOUTH CHINA SWAPS SLIGHTLY DROP THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for June deliveries slightly dropped this week.
According ...
Sunday, 06 May 12
S7 & S8 ROUTES LIKELY TO BE FIRM NEXT WEEK VISTAAR SINGAPORE
COALspot.com - The BDI remained flat this week and was up just by 1 point closing at 1,157 points.
The cape size index was up by 5.14 pct closing ...
Sunday, 06 May 12
EXPORT DUTY ON MINERAL FINALLY TO BECOME EFFECTIVE NEXT WEEK
COALspot.com - Mineral ore exporters of Indonesia ( only IUP holders) are required to obtain recommendation letter from the energy and mineral ...
|
|
|
Showing 4736 to 4740 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
|
| |
| |
|
