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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, 05 December 11
SGX LAUNCHED IHS MCCLOSKEY/XINHUA INFOLINK OTC CFR SOUTH CHINA COAL CONTRACT TODAY
COALspot.com - In order to meet the demand of the coal industry for an effective coal hedging tool with counterparty credit risk mitigation facility ...
Monday, 05 December 11
DRY BULK RATES LOOKING TO EXTEND GAINS THIS WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Capesize dry bulk carrier owners have had a great week, with rates rising for six straight sessions (including the end of the week before that). As ...
Sunday, 04 December 11
SUPRAMAX TRIPS VIA INDONESIA WERE REPORTED AROUND $ 7500 - 8000 PD
COALspot.com - The BDI and Cape index recovered this week. The BDI was up by 3.26 pct and Cape index saw a big jump and closed at 3409 points (up by ...
Saturday, 03 December 11
BORNEO TO SPEND US$600 MIO CAPEX - INSIDER STORIES
Insider Stories reported that, Coking coal miner PT Borneo Lumbung Energi & Metal Tbk (BORN) plans to spend US$600 million capital expenditure ( ...
Friday, 02 December 11
DRY BULK CARRIERS BACK IN THE SPOTLIGHT AS MARKET SPEEDS UP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the tanker and container markets suffering dearly, it seems that the tide has once again turned in favor of the dry bulk carriers, despite over ...
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- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Electricity Authority, New Zealand
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
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