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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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Sunday, 18 March 12
BUKIT ASAM'S NET PROFIT IN 2011 ROSE 54% TO US$ 339.56 MILLION
COALspot.com - Company revenue for the period January - December 2011 amounting to Rp 10.6 trillion (approximately US$ 1,164,835,164.84) recorded an ...
Saturday, 17 March 12
THE FREIGHT RATES FOR INDONESIA TO INDIA REMAINED FIRM - VISTAAR SINGAPORE
COALspot.com - The market continued to be firm and all segments were up except for Cape Index which was down by 2.46 pct closing at 1,466 points.
...
Saturday, 17 March 12
INDIAN GOVT FINALIZES DRAFT BILL FOR COAL REGULATOR - PTI
The coal sector would soon get a regulator as the government has finalised a draft bill for the purpose, Coal Minister Sriprakash Jaiswal said Wedne ...
Friday, 16 March 12
THE PACIFIC MARKET IS FIRMING UP - FEARNLEYS AS
Handy
A slightly positive trend was seen last week in the Atlantic. Skaw-Passero deliveries fixed around USD 3k to US Gulf, while US Gulf deliveres ...
Thursday, 15 March 12
RAINS AVERAGE SELLING PRICE OF COAL WENT UP BY 22 % IN 2011
COALspot.com - PT. Resource Alam Indonesia Tbk, an Indonesian CCoW (3rd Generation) holder reported Wednesday a 171 percent increase in net profits ...
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- White Energy Company Limited
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- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
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- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
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- Goldman Sachs - Singapore
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- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Georgia Ports Authority, United States
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- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
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- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
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- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
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- Kumho Petrochemical, South Korea
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- Bulk Trading Sa - Switzerland
- The University of Queensland
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
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- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
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- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
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- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
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- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
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- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
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- Pipit Mutiara Jaya. PT, Indonesia
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- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
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- Standard Chartered Bank - UAE
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- Sree Jayajothi Cements Limited - India
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- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
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