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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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Tuesday, 10 January 12
THE 4TH DEEPWATER ASIA CONGRESS 2012 WILL KICK OFF ON MAY 23 - 25
Press release - Based on the past three years’ success, SZ & W Group is excited to announce the 4th Deepwater Asia Congress will be held o ...
Monday, 09 January 12
2012: WHAT WILL IT BRING FOR THE DRY BULK MARKET? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A further increase in dry bulk demand could be the remedy for most of the industry's oversupply issues, together of course with the high level of s ...
Sunday, 08 January 12
ICICI OUTLOOK ON INDIAN POWER, MINING,CEMENT, AND SHIPPING SECTORS PERFORMANCE IN 2012
Broking firm, ICICIdirect (India) has come out with report on sectors outlook for 2012. IRIS has collated key highlights for each sector from ...
Sunday, 08 January 12
SUPRAMAX DELIVERY SOUTH CHINA FOR TRIPS VIA INDONESIA WERE REPORTED AROUND $ 7000 PER DAY - VISTAAR
Wish You a Very Happy and Prosperous New year 2012.
COALspot.com - The last report by us was on 16th Dec 2011 and because of holidays this would ...
Sunday, 08 January 12
THARPAK CONSORTIUM FORMED TO DEVELOP MEGA ENERGY COMPLEX IN SINDH PROVINCE, PAKISTAN
Press Release: On January 5th, TharPak, LLC met with officials of the Embassy of Pakistan in Washington DC to introduce and announce the formation o ...
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- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- The University of Queensland
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Planning Commission, India
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
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