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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, 26 January 12
ABM INVESTAMA SEALS US$100 MIO CONTRACT - INSIDER STORIES
Insider Stories reported that, PT Reswara Minergi Hartama, a subsidary of PT ABM Investama Tbk (ABMM), has sealed a 2 million tons of coal export co ...
Thursday, 26 January 12
DRY BULK MARKETS DOWNFALL KNOWS NO LIMITS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s demise seems to have no visible end, as China’s Lunar Year Holidays continue this week, thus leaving demand with n ...
Wednesday, 25 January 12
CLEAN AND CLEAR MINING PERMITS TO BE COMPLETED END OF 2012 - BISNIS.COM
Bisnis.com reported that, the government plans to announce 700 mining permits with "clean and clear" status without overlapping on other p ...
Tuesday, 24 January 12
ANOTHER SEVERE DROP IN THE CAPESIZE - BRS
The lunar year celebrations and the high number of new building deliveries (more than 35 Capes so far in January as owners push 2011 deliveries into ...
Tuesday, 24 January 12
BUKIT ASAM FY11 NET PROFIT SURGES 50% - INSIDER STORIES
Insider Stories reported that, the state-controlled PT Bukit Asam Tbk (PTBA) estimated to book Rp3 trillion (approximately US$ 335,570,469) net prof ...
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- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
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- Directorate Of Revenue Intelligence - India
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- Oldendorff Carriers - Singapore
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- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
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- Planning Commission, India
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- Toyota Tsusho Corporation, Japan
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- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
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- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- The University of Queensland
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
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- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
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