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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, 01 March 12
INDO-INDIA, LARGE ECO SUPRA CAN FETCH CLOSE TO USD 9K DOP N.CHINA - FEARNLEYS AS
Handy
The Atlantic Handysize market did not see any signs for recovery this week. It is still a major lack of spot cargoes and an oversupply of pro ...
Wednesday, 29 February 12
69 MINERS AGREE TO RENEGOTIATE CONTRACTS - THE JAKARTA POST
The Jakarta Post, one of the leading English news papaer in Indonesia reported that, as many as 60 coal contracts-of-work (PKP2B) and nine non-coal ...
Wednesday, 29 February 12
PUTTING COAL GASIFICATION TO WORK
Clifford Reese of the SSOE Group looks at practical solutions for district energy leaders who wish to implement clean coal technology.
Coal fuels ...
Monday, 27 February 12
COAL MINING PROFITS TOO HIGH, SAYS GOVT - TEMPO INTERACTIVE
Tempo Interactive reported that, Energy and Mineral Resources Deputy Minister of Indonesia Widjajono Partowidagdo has criticized coal-mining compani ...
Monday, 27 February 12
INDONESIAN COAL EXPORTS TO CHINA DROPS 39.76 PERCENT IN JANUARY 2012
COALspot.com: Indonesia, the world largest coal exporter, shipped 28.21* mln mt of coal in January 2012, slightly lower than its December 2011 ...
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- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
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