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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, 22 March 12
ECI-CHINA HANDY RATES ARE AROUND US$ 8000 - FEARNLEYS
Handy
Another positive trend was seen last week with more cargoes entering the market. Skaw-Passero/US Gulf climbed slowly up to USD 3700, while US ...
Thursday, 22 March 12
DRY BULK MARKET KEEPS SURGING, CAPESIZES FALLING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In what seems to be an establishing pattern, the dry bulk market has kept its upward momentum, edging closer to the 900 point-mark, but the larger s ...
Wednesday, 21 March 12
BUMA HAS PRODUCED 2.3 MILLION TONS OF COAL IN FEBRUARY 2012
COALspot.com - PT. Delta Dunia Makmur's overburden removal in February 2012 has reached totaled 23.8 million bcm (+2.4% YoY) while coal production ...
Tuesday, 20 March 12
SMALLER DRY BULK VESSELS STILL LEADING DRY BULK MARKET TO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been growing during the past couple of weeks, but contrary to the usual practice, it’s not the larger Capesizes which ...
Monday, 19 March 12
WEEKLY DRY MARKET OVERVIEW: SMALLER VESSELS LEAD RATES HIGHER - MARIA BERTZELETOU, HELLENIC SHIPPING
The upward trend of the Baltic Dry Index persists strong from the end of February, spurred from the supramax market that offsets the weakness in the ...
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- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- White Energy Company Limited
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
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