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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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Monday, 12 December 11
DRY BULK MARKET LOOKING FOR BALANCE AS WE ENTER 2012 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
During the past few months, freight rates for dry bulk carriers, especially Capesizes have increased significantly, providing ship owners with a muc ...
Sunday, 11 December 11
THE PANAMAX INDEX ENDED ON POSITIVE DIRECTION - VISTAAR
COALspot.com - The BDI and Cape index continued the upward trend this week also with BDI up by 3.00 pct closing at 1,922 points and Cape index up by ...
Saturday, 10 December 11
MAHAKAM RIVER RESUMES COAL TRANSPORTATION
COALspot.com - East Kalimantan local government has resumed limited coal barging through Mahakam River after two weeks of suspension following the c ...
Friday, 09 December 11
DRY BULK MARKET REBOUNDS ON HEALTHIER DEMAND OUTLOOK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market edged forward yesterday, at the highest rate of the past couple of weeks, as a result of stonger iron ore demand, backed by lowe ...
Thursday, 08 December 11
INDIA MAY SEE 41% ANNUAL GROWTH OF ITS COAL DEMAND DURING THE NEXT 5 YEARS - ICAP SHIPPING
India’s Ministry of Coal expects that India’s coal demand may face an annual 41% rise during the next 5 years, while its coal deficit is ...
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- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
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- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
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- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
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- Leighton Contractors Pty Ltd - Australia
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- Coal and Oil Company - UAE
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- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
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- London Commodity Brokers - England
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- San Jose City I Power Corp, Philippines
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- Merrill Lynch Commodities Europe
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Parliament of New Zealand
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- ICICI Bank Limited - India
- Economic Council, Georgia
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- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
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- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
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- Petron Corporation, Philippines
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- Australian Commodity Traders Exchange
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- Global Business Power Corporation, Philippines
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- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
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- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
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- Trasteel International SA, Italy
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