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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, 28 November 11
CITING CONTRACTS, MINING FIRMS ARE NOT PAYING ROYALTIES UNDER LAW - THE JAKARTA POST
The Jakarta Post reported that, when the 2009 Law on Minerals and Coal was endorsed, hopes that Indonesia could maximize its revenue from the minera ...
Monday, 28 November 11
NEW ENVIRONMENTAL MARINE REGULATIONS TO IMPACT SHIPPING IN 2012 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
August of next year will see some major changes for marine navigation. It’s when the North American ECA will come into force, introducing a 1% ...
Sunday, 27 November 11
INDIA'S KPCL TO IMPORT 50 MMT OF COAL FOR 10 YEARS
COALspot.com - Karnataka Power Corporation Limited (KPCL) will buy 5 million metric tonnes of coal annually for 10 years starting from 2015.
In a ...
Saturday, 26 November 11
INDIAN PORTS ARE BECOME COAL STOCKPILES..!!
COALspot.com - The Indian coal stocks and power tariff situation is the hot topic among the world coal producers as well as Indian coal importers.&n ...
Saturday, 26 November 11
THE FREIGHT MARKETS EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - The market were down probably with the sentiments of global financial markets and all segments were down.
The BDI was up down by 4 ...
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- Independent Power Producers Association of India
- Edison Trading Spa - Italy
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- The Treasury - Australian Government
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- Ind-Barath Power Infra Limited - India
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- Videocon Industries ltd - India
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- Indonesian Coal Mining Association
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- Minerals Council of Australia
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- Planning Commission, India
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- Manunggal Multi Energi - Indonesia
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- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
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- Electricity Generating Authority of Thailand
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- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
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- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
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- Sarangani Energy Corporation, Philippines
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- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
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- Simpson Spence & Young - Indonesia
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- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
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- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
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- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
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