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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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Thursday, 26 April 12
BUKIT ASAMS 1Q OPERATING PROFIT MARGIN HAS INCREASED BY 6% TO RP. 1 TRILLION
COALspot.com - PT. Bukit Asam (Persero), the Indonesia’s state owned coal miner's 1Q, 2012 revenue has increased by 31% to Rp. 3.02 trillion ...
Thursday, 26 April 12
TAIPOWER TO BUY 1.15 MILLION TONS OF 5000 GAR COAL
COALspot.com - Taiwan Power Company intends to procure 1.125million tons of sub-bituminous coal for Taipower thermal power plant through open tender ...
Thursday, 26 April 12
TAIPOWER TO BUY 375,000 MT OF 4800 GAR COAL
COALspot.com - Taiwan Power Company intends to procure 375,000 metric tons of low sulfur sub-bituminous coal for Taipower thermal power plant ...
Thursday, 26 April 12
ADK SHIPPED 28,000 TONNES OF COAL THIS MONTH
COALspot.com - Orpheus Energy (ASX:OEG) has announced that four coal barges carrying a total of approximately 28,000 tonnes of ADK (Alam Duta K ...
Thursday, 26 April 12
DRY BULK CARRIERS RENTER FLEET AFTER IDLING, ON MARKETS RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market seems to be back on track, not only solidifying the gains of the past couple of weeks, but also racing to new heights, recuperra ...
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- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
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