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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, 15 March 12
RESOURCE ALAM FY11 PROFIT UP 171% - INSIDER STORIES
Insider Stories reported that, coal mining company PT Resource Alam Indonesia Tbk (KKGI) reported a 171.16% jump in net profit last year on the back ...
Wednesday, 14 March 12
GLOBAL THERMAL TRADE FLOW CHANGES WILL ENSURE SECURITY OF THERMAL COAL SUPPLY, ALBEIT AT A HIGH PRICE - WOOD MACKENZIE
Wood Mackenzie Says Global Thermal Trade Flow Changes Will Ensure Security of Thermal Coal Supply, Albeit At a High Price Seaborne thermal demand by ...
Wednesday, 14 March 12
COKAL TAKES ANOTHER STEP IN DEVELOPING INFRASTRUCTURE TO FACILITATE METALLURGICAL COAL PRODUCTION
Global coal group, Cokal Limited (ASX-CKA), has signed Memorandums of Understanding (MoU’s) to develop two river ports and two small scale coa ...
Tuesday, 13 March 12
EUROPEAN COAL CONTANGO: FURTHER STEEPNESS REQUIRED TO MAKE LARGE SCALE PHYSICAL TIME SPREAD ARBITRAGE MORE ATTRACTIVE - MISWIN MAHESH, BARCLAYS CAPITAL
COALspot.com - "With the contango between the Y+1 and M+1 ARA delivered contract now averaging above the $14/t level, there is an increasing in ...
Monday, 12 March 12
DELTA DUNIA 1M OVERBURDEN DROPS 3.1% - INSIDER STORIES
Insider Stories reported that, Indonesia's second largest coal mining contractor PT Delta Dunia Makmur Tbk (DOID) reported a 25 million bank ...
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- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- GMR Energy Limited - India
- Australian Coal Association
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Cement Manufacturers Association - India
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
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