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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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Monday, 12 March 12
DRY BULK RATES WILL REMAIN LOW IN 2012 SAYS DANISH SHIP FINANCE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its annual shipping survey Danish Ship Finance said that the current outlook for the Dry Bulk market seems unlikely to foster higher rates in any ...
Monday, 12 March 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The first days of March appear to be more encouraging for dry bulk operators, but the outlook is still gloomy for the rest of year with earnings for ...
Sunday, 11 March 12
FREIGHT RATES FOR INDONESIA TO INDIA WILL CONTINUE TO REMAIN FIRM- VISTAAR
COALspot.com - This week saw another upward trend with all indices up except for the Cape index.
The BDI was up by 6.87 pct closing at 824 points ...
Friday, 09 March 12
MINING IN INDONESIA: RESTRICTION ON FOREIGN INVESTMENT - SUNIL K KUMBHAT
COALspot.com - Recently Govt has passed regulation instructing foreign mining companies to reduce their ownership stake.
The regulation known as ...
Friday, 09 March 12
SHIP OWNERS LOOKING TO CHINA FOR REVIVAL, WHILE THEY KEEP SELLING OLD SHIPS FOR SCRAP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With China’s economic policy plan for the future on every ship owner’s mind, at least those involved in the dry bulk industry, the lates ...
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- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
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