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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, 27 February 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The pessimism in the dry market persists with the Baltic Dry Index still trying to find a steady pace of growth and average time charter earnings fo ...
Sunday, 26 February 12
THE FREIGHT RATES FOR INDONESIA TO INDIA IS LIKELY TO BE FIRM FOR NEXT 2/3 WEEKS - VISTAAR
COALspot.com – “There was not much change in the BDI and other indices this week except for the Panamax which was down by 11.91 pc ...
Friday, 24 February 12
DRY BULK MARKET POSTS FIRST REBOUND IN A WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As was expected since mid-week, the dry bulk market's benchmark, the BDI (Baltic Dry Index) has managed to put a stop in a 6-day losing rally, endi ...
Thursday, 23 February 12
2.5 PANAMAX VESSELS PER AVAILABLE CARGO FOR MARCH DATES - FEARN BULK
Handy
Another depressing week for Supras in both basins. Lack of fresh business and over-supply of tonnage in the Atlantic pushed rates south. Cont ...
Wednesday, 22 February 12
RAW COMMODITY EXPORT BAN SPARKS SMELTER BUILDING BOOM IN INDONESIA ANTARA / THE JAKARTA GLOBE
Antara / The Jakarta Globe reported that, as the government gears up to ban all exports of unprocessed commodities, Indonesia will see 12 new ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Economic Council, Georgia
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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