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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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Saturday, 24 December 11
CHINAS LEVEL OF GROWTH TO DETERMINE COURSE OF DRY BULK MARKET IN 2012 SAYS SHIPBROKER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest report, shipbroker Intermodal attempted to find a silver lining in the tough year that was 2011, as well as what one could expect from ...
Friday, 23 December 11
SPOT PACIFIC CAPESIZE VESSELS HAVE COMMANDED HIGH PREMIUMS - FEARNLEYS
Handy
Rates in the Atlantic kept stable from last week, with a touch of negativity closer to the end. Less spot cargoes seen, and owners are ...
Friday, 23 December 11
CONTENTIOUS ISSUES IN CONTRACT RENEGOTIATION - THE JAKARTA POST
The government has been renegotiating mining contracts, especially those 30-40 years old, with almost all mining companies, including PT Freeport In ...
Friday, 23 December 11
LANCO JOINS HANDS WITH BUKIT ASAM FOR INDONESIAN POWER PROJECT
COALspot.com - PT Tambang Batubara Bukit Asam, Indonesia's state owned coal miner and Indian based Lanco Infratech Ltd plans to build steam power p ...
Thursday, 22 December 11
RI WILL NOT PLAY CATCH-UP WITH GLOBAL COAL DEMAND - THE JAKARTA POST
The Jakarta Post reported that, the International Energy Agency (IEA) has predicted in its Coal Market Report 2011 that over the next five years, gl ...
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- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
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