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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, 22 December 11
DRY BULK MARKET KEEPS LOSING TRACTION AHEAD OF HOLIDAY SEASON - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept retreating in the middle of the week, as charterers seem to be looking towards the holiday season and the start of the new ye ...
Tuesday, 20 December 11
THE COAL IMPORT INTO CHINA WAS QUIETER AS COAL STOCKS WERE AT HIGH LEVELS - BRS
The BDI ended the week at 1888 points (-1.8%), the BCI corrected to 3572 (-3.4%), the BPI was up at 1,775 (+3.6%), the BSI dropped to 1193 (-3.0%) a ...
Tuesday, 20 December 11
INDIA IMPORTS 66.41 PERCENT MORE COAL FROM INDONESIA LAST MONTH - SOURCES
COALspot.com: Indonesia, the world largest coal exporter, shipped 33.476* mln mt of coal in November, which is slightly higher than its Octobe ...
Monday, 19 December 11
KOPEX COMMITS ADDITIONAL ONE MILLION DOLLAR FOR PT TRANSCOAL MINERGY
COALspot.com - Mining contractor Kopex has agreed to extend a further US$1 million to finance the remainder of the expanded drill program at PT Tran ...
Monday, 19 December 11
PLN WILL NO LONGER BUY COAL FROM TRADERS
COALspot.com - Indonesia's state electricity company PT Perusahaan Listrik Negara will no longer allow traders to become their suppliers, said, its ...
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- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Planning Commission, India
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- PTC India Limited - India
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Minerals Council of Australia
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
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