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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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Saturday, 04 February 12
SUPRAMAX DELIVERY SOUTH CHINA FOR TRIPS VIA INDONESIA WERE REPORTED AROUND $ 6,000 PER DAY - VISTAAR
COALspot.com - The markets continued to soften which dropped by almost 11 pct and BDI closing at 647 points.
The drop in BDI was mainly due to dr ...
Thursday, 02 February 12
NO RELIEF YET FOR DRY BULK SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Although at the start of 2012 nobody can claim that the global seaborne trade has suddenly come to a halt, quite the contrary, it seems that the dry ...
Wednesday, 01 February 12
KRISHNAPATNAM PORT - GOING DEEP TO SOAR HIGH
COALspot.com - Krishnapatnam Port now rightfully claims as the deepest draft port in India, as it has started accepting vessels with maximum permiss ...
Wednesday, 01 February 12
IN JAMBI, MOST MINING COMPANIES LACK 'CLEAR-AND-CLEAN' PERMITS - JP
More than three-quarters of the 386 mining companies in Jambi lack “clear-and-clean” certifications from the government, according to an ...
Wednesday, 01 February 12
2% OF IBPS TOTAL CONCESSION AREA CONTAINS TOTAL COAL RESOURCE OF 56.1 MILLION TON
COALspot.com - PT. Britmindo, a mine consulting firm, has finalized PT. Insani Bara Perkasa (IBP) first JORC (Joint Ore Reserves Committee) res ...
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- London Commodity Brokers - England
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- Planning Commission, India
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- Merrill Lynch Commodities Europe
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- Economic Council, Georgia
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- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
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- White Energy Company Limited
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- The University of Queensland
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- Renaissance Capital - South Africa
- Independent Power Producers Association of India
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- Australian Commodity Traders Exchange
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- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
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- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
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- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
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- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
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- Intertek Mineral Services - Indonesia
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- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
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- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
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- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
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- Minerals Council of Australia
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- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
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