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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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Tuesday, 22 November 11
ABM INVESTAMA SETS IPO AT RP 3,750
Insider Stories reported that, Integrated energy company PT ABM Investama Tbk has determined the IPO price at Rp3,750 (approximately US$ 0.415) per ...
Tuesday, 22 November 11
A SURPRISINGLY STRONG WEEK FOR THE CAPES - BRS
Positive gains for most of the segments this week, the exception being the Handysizes. Overall the BDI ended the week at 1,895 points (+3.3% week-on ...
Tuesday, 22 November 11
APPETITE FOR DRY BULK VESSELS SLOWS DOWN AT THE START OF THE WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was down at the beginning of the week, as demand for Capesize vessels was particularly low. The industry’s benchmark, the ...
Monday, 21 November 11
CAPESIZES DRIVE MARKET LOWER, ANALYSTS DIVIDED ON DRY BULK OUTLOOK IN THE LONG RUN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market ended the week on a sour note, with the industry’s benchmark heading downwards to 1,895 points, which represented a slight ...
Sunday, 20 November 11
THE FREIGHT MARKETS EXPECTED TO BE FIRM NEXT WEEK - VISTAAR
COALspot.com - The market continued to move up with all sectors gaining except for handy size.
The BDI was up by 3.26 pct and closed at 1895 poin ...
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- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- The University of Queensland
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
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