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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, 05 March 12
SOME RESOURCE TITANS NOT THRILLED WITH INDONESIAN EXPORT BAN - THE JAKARTA GLOBE
The Jakarta Globe reported that, local representatives of major business associations in East Kalimantan have protested a government regulation that ...
Monday, 05 March 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
An air of optimism poured in the market this week for dry bulk shippers with the Baltic Dry Index recording daily gains during the end of February b ...
Sunday, 04 March 12
SE ASIA WAS FIRM FOR TRIPS TO INDIA AND CHINA - VISTAAR
COALspot.com - This week saw another upward trend with all indices up and generally market was firm.
The BDI was up by 7.38 pct closing at 771 po ...
Friday, 02 March 12
DJMBP HAS ANNOUNCED SECOND BATCH OF CLEAR N CLEAN CERTIFIED MINERS
COALspot.com - The Directorate general of mineral & coal of Indonesia has announced second batch of companies who have passed IUP Clear and Clea ...
Thursday, 01 March 12
BUKIT ASAM TARGETS EUROPEAN INVESTORS
COALspot.com - PT. Bukit Asam (persero) Tbk, Indonesian state owned coal miner is planning to conduct road show in Europe next week to target at Eur ...
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Showing 4826 to 4830 news of total 6871 |
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- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
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- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
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- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
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- Independent Power Producers Association of India
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- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
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- Sojitz Corporation - Japan
- Planning Commission, India
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- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
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- Price Waterhouse Coopers - Russia
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- TNB Fuel Sdn Bhd - Malaysia
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- Energy Link Ltd, New Zealand
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- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
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- Indonesian Coal Mining Association
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- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
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- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
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- Savvy Resources Ltd - HongKong
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- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Bhatia International Limited - India
- PTC India Limited - India
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Parry Sugars Refinery, India
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