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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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Wednesday, 04 January 12
NEWBUILDING ORDERS PICKED UP IN 2011, BUT 2012 EXPECTED TO BE A DIFFERENT STORY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the BDI (Baltic Dry Index) starting the year on a sour note, losing 114 points and ending yesterday’s session, the first of the new year, ...
Wednesday, 04 January 12
MAHAGENCO TO IMPORT LOW MOISTURE COAL
COALspot.com - Maharashtra State Power Generation Co. Ltd. is the state power generation utility owned by Government of Maharashtra, intends to proc ...
Tuesday, 03 January 12
INDONESIA COAL REFERENCE PRICE FELL AGAIN
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has sets the January 2012 coal reference price at US$ 109.29 per ton or US$ 3.3 ...
Tuesday, 03 January 12
WHICH WAY WILL THE DRY BULK MARKET HEAD ON FIRST WEEK OF THE YEAR? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Dry bulk ship owners will be wondering which way will the BDI (Baltic Dry Index), the industry’s benchmark, will head during the first days of ...
Monday, 02 January 12
THE PROMISE OF INDIA: A BRIEF INTERRUPTION? - CLARKSONS / HELLENIC SHIPPING
Future growth in Indian seaborne coal imports has sometimes been considered as one of the largest potential upsides in the currently oversupplied dr ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
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- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
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- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Planning Commission, India
- The State Trading Corporation of India Ltd
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- Central Electricity Authority - India
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- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
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- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
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- Thiess Contractors Indonesia
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- Anglo American - United Kingdom
- Coal and Oil Company - UAE
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- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
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- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
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- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
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- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Trasteel International SA, Italy
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- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
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- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
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