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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, 19 January 12
14TH VOGP MEETING IN HO CHI MINH CITY HANDS OUT LATEST UPDATES AND DEVELOPMENTS IN VIETNAM'S ENERGY INDUSTRY
Press Release: At upcoming 14th Vietnam Oil Gas Power on 27-28 Feb in Ho Chi Minh City the industry’s most influential names including Petrovi ...
Thursday, 19 January 12
DELTA DUNIA SEALS US$820 MIO CONTRACT INSIDER STORIES
Insider Stories reported that, PT Delta Dunia Makmur Tbk (DOID) has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama ( ...
Wednesday, 18 January 12
WARM WINTER ACROSS EUROPE HAS IMPACTED NEGATIVELY COAL DEMAND - BRS
With the Chinese New Year just a week away, all markets are slowing down. The drop in freight rates for all sizes has been significant over the past ...
Wednesday, 18 January 12
DRY BULK MARKET'S DRAMA CONTINUES IN START OF NEW WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A flurry of newbuilding deliveries, coupled with a slow start to the new year, a typical trend for the dry bulk market, has led the industry's benc ...
Monday, 16 January 12
BUMA MINED 2.7 MILLION TONS COAL LAST MONTH
COALspot.com - BUMA has mined 2.7 million tons (-14.1% YoY) coal last month and removed 25.8 million bcm (-5.6% YoY) overburden, according to compan ...
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- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- The University of Queensland
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
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