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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, 13 February 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The current sentiment in the dry market resembles memories from the end of 2008, when the Baltic Dry Index closed at the level of 663 points on Dece ...
Sunday, 12 February 12
INDONESIA HAS ISSUED A REGULATION TO BAN THE EXPORT OF UNPROCESSED MINERALS AND METALS BY 2014
COALspot.com - The Indonesian government has finally issued a ministerial decree (7 Year 2012 dated 6 February 2012) to ban the export of unpro ...
Sunday, 12 February 12
THE BALTIC DRY INDEX CLIMBS 10.51%
COALspot.com - "The markets touched record lows not seen since mid 80’s. However there was some good news with signs of market recovery a ...
Saturday, 11 February 12
A SNAPSHOT ON THE ECONOMIC AND SHIPPING ENVIRONMENT - GOLDEN DESTINY
The week was highlighted with intense worries in the eurozone for Greece to secure its second bailout of $130billion by applying a ...
Saturday, 11 February 12
WILL HISTORY REPEAT ITSELF IN THIS SHIPPING CYCLE? - CLARKSONS / HELLENIC SHIPPING
A slightly dubious "best man" joke runs as follows… Best man (giving his wedding speech): "Have you noticed how history repeat ...
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- Wilmar Investment Holdings
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- Sojitz Corporation - Japan
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- Pendopo Energi Batubara - Indonesia
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- Indonesian Coal Mining Association
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- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- GMR Energy Limited - India
- Marubeni Corporation - India
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- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
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- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
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- International Coal Ventures Pvt Ltd - India
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- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Economic Council, Georgia
- London Commodity Brokers - England
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
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- India Bulls Power Limited - India
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- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
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- Oldendorff Carriers - Singapore
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- Cement Manufacturers Association - India
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- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
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- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Chamber of Mines of South Africa
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- Karbindo Abesyapradhi - Indoneisa
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- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
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- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- White Energy Company Limited
- Indian Energy Exchange, India
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- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Aditya Birla Group - India
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- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
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- Leighton Contractors Pty Ltd - Australia
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- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- The University of Queensland
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
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- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
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