We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Wednesday, 14 December 11
MINER TOBA BARA SEJAHTRA PLANS IPO IN 1ST HALF OF 2012 - THE JAKARTA GLOBE
The Jakarta Globe reported that, Coal miner Toba Bara Sejahtra is aiming high next year, hoping to capitalize on renewed bullish sentiment in the lo ...
Wednesday, 14 December 11
TIMAH PLANS TO BOOST ITS COAL PRODUCTION TO TWO MILLION TONS PER ANNUM - SOURCES
COALspot.com - Timah plans to boost its coal production to two million tons per annum. The company also expects to acquire coal concession with mini ...
Wednesday, 14 December 11
BORNEO RESOURCE INVESTMENTS LTD. FINALIZES ACQUISITION OF INTEGRA PRIMA
COALspot.com - Borneo Resource Investments Ltd., announced that it has finalized the acquisition of an additional 1,300 hectare coal mining concessi ...
Tuesday, 13 December 11
BERAU COAL SCOUTS US$1.61 BIO SALES - INSIDER STORIES
Insider Stories reported that, coal mining company PT Berau Coal Energy Tbk (BRAU), that is 85% owned by London-listed company Bumi Plc, estimates a ...
Tuesday, 13 December 11
CAPESIZES AND PANAMAXES LEAD DRY BULK MARKET HIGHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market inched closer to the 2,000 mark on Monday, with Panamaxes rebounding firmly and leading the gains. As a result, the industry&rsq ...
|
|
|
Showing 4931 to 4935 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Australian Coal Association
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- The University of Queensland
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
|
| |
| |
|
