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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, 04 May 12
DEMOLITION KEY FOR DRY BULK MARKET RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The overflow of newbuilding vessels which “spilled over” into 2012 from 2011 brought the dry bulk market to a near collapse level at the ...
Thursday, 03 May 12
DRY BULK MARKET REMAINS INACTIVE, POSTING MILD DECREASE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept retreating this week, although at a very low pace, on the back of a lull in demand. The industry's benchmark, th ...
Thursday, 03 May 12
MINERS DEMAND LEGAL CERTAINTY ON PRE-BAN INTERIM POLICY - THE JAKARTA POST
The Jakarta Post reported that, Mining companies represented by the Indonesian Mining Association (IMA) welcomed the government’s plan to impo ...
Thursday, 03 May 12
HANDY EAST COAST INDIA - CHINA AROUND USD 7000 - FEARNLEYS AS
Handy - Stable demand in the Atlantic offered good rates for the tonnage.
USG/Cont was worth USD 17500 and more. Baltic and Black Sea appeared to ...
Wednesday, 02 May 12
CHINA BLACKOUTS HIGHLIGHT PRICING POLICY WEAKNESS - FITCH
Fitch reported that, the likelihood of further electricity blackouts in China this summer underlines Fitch's view of the basic problem f ...
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- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
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- Marubeni Corporation - India
- Posco Energy - South Korea
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- PTC India Limited - India
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
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- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
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- Karbindo Abesyapradhi - Indoneisa
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- Central Electricity Authority - India
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- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- VISA Power Limited - India
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
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