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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
PANAMAXES AGAIN EARN MORE THAN CAPESIZES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The latest surge of demand for Panamaxes has led the dry bulk market to new higher ground on Monday, with the Baltic Dry Index (BDI) reaching 1,090 ...
Wednesday, 25 April 12
CHINA IMPORTS 9.76 MMT AND INDIA IMPORTS 7.03 MMT OF INDONESIAN COAL LAST MONTH
COALspot.com: Indonesia, the world largest coal exporter, shipped 30.64* million tons of coal in March 2012, compared to 27.12* million tons i ...
Monday, 23 April 12
ALTURA ENTERS INTO AGREEMENT TO ACQUIRE 2 COAL PROJECTS IN SOUTH KALIMANTAN
COALspot.com - Altura Mining Limited (ASX: AJM) has announced that it has entered into an agreement to acquire a further two (2) Mining Permits (IUP ...
Sunday, 22 April 12
THE FREIGHT MARKET EXPECTED TO REMAIN FIRM NEXT WEEK - VISTAAR
COALspot.com - The BDI has broken the psychological barrier of 1000 points and closed at 1067 points.
The cape index was slightly down by 2.48 pc ...
Saturday, 21 April 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS DROP 2.61 PERCENT THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps fell for a fifth day, according to DSP of SGX AsiaClear OTC Coal Swaps.
CFR South China Coal ...
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- Mjunction Services Limited - India
- Thai Mozambique Logistica
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- White Energy Company Limited
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- The University of Queensland
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
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