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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, 01 May 12
VIETNAM FEARS IT MAY NOT SEEK COAL SUPPLIES - TBKTSG / VIETNAMNET BRIDGE
TBKTSG / VietNamNet Bridge reported that, with five coal-run thermopower plants under construction, PetroVietnam alone would need 18 million tons of ...
Sunday, 29 April 12
THE FREIGHT MARKET EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - The BDI continued to go up with the support of Panamax/Supramax and was up by 8.34 pct closing at 1,156 points.
The cape index was ...
Sunday, 29 April 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS FOR MAY 2012 DELIVERY WAS STABLE THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps for May deliveries stable this week, according to DSP of SGX AsiaClear OTC Coal Swaps. In the me ...
Friday, 27 April 12
BUKIT ASAMS NET INCOME UP 14% IN 1Q 2012 (UNAUDITED)
Press Release - PT Bukit Asam (Persero) Tbk, announced the Consolidated Financial Statements and Subsidiaries per 31 March 2012 (Unaudited).
Reve ...
Thursday, 26 April 12
AUSTRALIAS COKAL EXPANDS MET COAL POTENTIAL INTO WEST KALIMANTAN
COALspot.com - Global metallurgical coal group Cokal Limited (Cokal) (ASX:CKA) announced today it has completed the acquisition of 75.2% of PT Silan ...
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- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
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- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
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- Global Business Power Corporation, Philippines
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- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
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- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
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- Heidelberg Cement - Germany
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- European Bulk Services B.V. - Netherlands
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- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
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- The University of Queensland
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- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
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- Petrochimia International Co. Ltd.- Taiwan
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
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- Australian Coal Association
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- Jorong Barutama Greston.PT - Indonesia
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- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
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- Attock Cement Pakistan Limited
- Central Electricity Authority - India
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- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
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- Orica Mining Services - Indonesia
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- Oldendorff Carriers - Singapore
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- ICICI Bank Limited - India
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
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- Orica Australia Pty. Ltd.
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- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
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- Standard Chartered Bank - UAE
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- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
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- Aditya Birla Group - India
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- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
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- Mercuria Energy - Indonesia
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- White Energy Company Limited
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
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- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
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