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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, 30 March 12
RECOND NUMBERS SURROUNDING THE SUPRAMAX DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Last year proved to be both a record year in the number of deliveries of dry bulkers between 40,000dwt and 64,000dwt, as well as a record year in th ...
Thursday, 29 March 12
DRY BULK EDGED FURTHER UP, ON HEALTHY DEMAND FOR MOST SHIP TYPES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With capesize vessels finally reappearing in demand, the dry bulk market had an easier task of rising yesterday, as the BDI (Baltic Dry Index) reach ...
Thursday, 29 March 12
ADARO FY11 NET INCOME JUMPS 124% - INSIDER STORIES
Insider Stories reported that, PT Adaro Energy Tbk (ADRO) today announced a 124% jump in net income to US$552 million last year or US$0.017 a share. ...
Wednesday, 28 March 12
CUESTA HAS RECEIVED APPLICATIONS AND FIRM BIDS IN EXCESS OF $9 MILLION FOR THE COMPANYS IPO
COALspot.com - The Directors of Cuesta Coal Limited (ASX:CQC) have announced that today it has received applications and firm bids in excess of $9 m ...
Wednesday, 28 March 12
ORPHEUS ENERGY TO COMMENCE JORC DRILLING AT ADK PROJECT
COALspot.com - Indonesian coal explorer and producer, Orpheus Energy (ASX:OEG), have today announced that the company is about to commence a drillin ...
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- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- The University of Queensland
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Ministry of Transport, Egypt
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