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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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- Power Finance Corporation Ltd., India
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- European Bulk Services B.V. - Netherlands
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- IEA Clean Coal Centre - UK
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- VISA Power Limited - India
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- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
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- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Parliament of New Zealand
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Goldman Sachs - Singapore
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- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
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- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
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- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
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- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
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- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
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- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
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- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
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- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
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