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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, 27 December 11
MINERS MAKE CASE FOR RESUMING CONTRACT NEGOTIATIONS - THE JAKARTA POST
The Jakarta Post reported that, problems with the renegotiation of mining contracts in the country are far from over, as agreements on several cruci ...
Tuesday, 27 December 11
COAL SHIPMENT OF TIANJIN PORT REACHED 6.72 MLN TONNES IN NOVEMBER - STEEL HOME / HELLENIC SHIPPING
Tianjin port shipped 6.72 million tonnes of coal in November, decreasing 600,000 tonnes versus 7.32 million tonnes in October, while up 21.09% or 1. ...
Tuesday, 27 December 11
NEW CLAUSE PUBLISHED FOR SLOW STEAMING - BIMCO
Many owners and operators faced with high bunker prices are considering implementing slow steaming regimes to save fuel and to assist with capacity ...
Monday, 26 December 11
NEW EXPORT TAX PLAN GREETED WITH PRAISE AND CRITICISM - THE JAKARTA POST
The Jakarta Post, one of the Indonesia's leading english news paper reported that, both praise and criticism showered the government’s plan t ...
Sunday, 25 December 11
THERMAL COAL PRICES GAINED UP TO 4.32 PERCENT
COALspot.com - globalCOAL index gained 4.32 percent to US$106.36 per ton in RBCT, benchmark for South Asia and West Europe markets, for the week end ...
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- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Australian Coal Association
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- The University of Queensland
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Trasteel International SA, Italy
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
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