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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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Friday, 18 November 11
MMTC SEEKS 1.365 MMT OF IMPORTED COAL
COALspot.com - India's MMTC, the largest trading company of India and a major trading company of Asia, has issued a term supply tender for 1.365Mt ...
Friday, 18 November 11
KPC, ARUTMIN OUTPUT REACHED 47.1 MIO TONS - INSIDER STORIES
PT Kaltim Prima Coal (KPC) and PT Arutmin Indonesia, reported 47.1 million tons of coal production in 9M 2011, according to Indiser Stories.
Insi ...
Friday, 18 November 11
THE ATLANTIC SUPRAMAX MARKET EXPERIENCED A STEADY AND FIRM TENDENCY
Handy
The Atlantic Supramax market experienced a steady and firm tendency this week. Especially the North Atlantic and Mediterranean position ...
Friday, 18 November 11
BERAU COAL 9M PROFIT SOARS 194.46% - INSIDER STORIES
Insider Stories reported that, PT Berau Coal Energy Tbk (BRAU), which is 84.7% owned by Bumi Plc, reported a 194.46% jump in net profit by end of Se ...
Thursday, 17 November 11
DRY BULK MARKET INCHES FORWARD AND INTO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market edged higher yesterday, on the back of stronger demand for Capesize vessels and general improvement of sentiment on most of the ...
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- Minerals Council of Australia
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
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- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Australian Coal Association
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- The Treasury - Australian Government
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
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