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.
|
|
Friday, 06 April 12
DRY BULK MARKET SWIFT TO HALT FALL ON RENEWED DEMAND FOR CAPESIZES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk managed to put a stop to the recent falls, which came as a result of a lacklustre demand for smaller vessel sizes. Although this trend ...
Thursday, 05 April 12
COAL EXPORT TAX: MATTER OF CONCERN FOR INDIA - SUNIL K KUMBHAT
COALspot.com - Since the issuance of Indonesian Mining law in 2009, miners have increased their activities in exploring , ex ...
Thursday, 05 April 12
AKR COAL FIRST EXPORT SHIPMENT OF COAL SEABORNE
PT Anugrah Karya Raya (AKR Coal) subsidiary of PT AKR Corporindo Tbk., Indonesia’s leading integrated supply chain solutions provider and larg ...
Thursday, 05 April 12
DRY BULK MARKET STALLS AS TREND IS REVERSED - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has halted its month-long rally, with the BDI (Baltic Dry Index) retreating yesterday for a second consecutive session. Industry ...
Wednesday, 04 April 12
OIL MAY JUMP TO $150PB IF IRAN ATTACKED: EXPERT - KUNA / HELLENIC SHIPPING
Prices of oil will not drop below level of $100 per barrel and may jump to $150 pb in the coming two months, according to the prominent Kuwaiti expe ...
|
|
|
Showing 4776 to 4780 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Planning Commission, India
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- VISA Power Limited - India
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
|
| |
| |
|
