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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, 01 December 11
DRY BULK MARKET RISES TO NEW HEIGHTS ON RENEWED DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept on rising this week, with the industry’s benchmark, the Baltic Dry Index (BDI) climbing to 1,846 points on Wednes ...
Tuesday, 29 November 11
SOUTH AFRICAN COAL INTO CHINA, THE ACTIVITY WAS SLOW - BRS
Capesize
The Capesize market in Atlantic stayed pretty firm last week with transatlantic rounds being fixed in the high twenties. Sentiment was les ...
Tuesday, 29 November 11
GOLDEN GATE BRIDGE OF INDONESIA COLLAPSED AT KUKAR, EAST KALIMANTAN
COALspot.com - A suspension bridge in Indonesia’s east Kalimantan province over the Mahakam river collapsed on Saturday, killing at least elev ...
Tuesday, 29 November 11
BUKIT ASAM SCOUTS RP3 TRILLION PROFIT - INSIDER STORIES
The state-controlled coal miner PT Bukit Asam Tbk (PTBA) expects to post a Rp3 trillion net income this year, reaching its target which is 50% above ...
Tuesday, 29 November 11
DRY BULK MARKET BEGINS WEEK ON HIGHER NOTE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Contrary to what had been the case during the past few weeks, this one began on a high note for the dry bulk market, with the Capesize sector pullin ...
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- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Siam City Cement - Thailand
- VISA Power Limited - India
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Australian Coal Association
- Petron Corporation, Philippines
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- The University of Queensland
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
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