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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, 15 March 12
RESOURCE ALAM FY11 PROFIT UP 171% - INSIDER STORIES
Insider Stories reported that, coal mining company PT Resource Alam Indonesia Tbk (KKGI) reported a 171.16% jump in net profit last year on the back ...
Wednesday, 14 March 12
GLOBAL THERMAL TRADE FLOW CHANGES WILL ENSURE SECURITY OF THERMAL COAL SUPPLY, ALBEIT AT A HIGH PRICE - WOOD MACKENZIE
Wood Mackenzie Says Global Thermal Trade Flow Changes Will Ensure Security of Thermal Coal Supply, Albeit At a High Price Seaborne thermal demand by ...
Wednesday, 14 March 12
COKAL TAKES ANOTHER STEP IN DEVELOPING INFRASTRUCTURE TO FACILITATE METALLURGICAL COAL PRODUCTION
Global coal group, Cokal Limited (ASX-CKA), has signed Memorandums of Understanding (MoU’s) to develop two river ports and two small scale coa ...
Tuesday, 13 March 12
EUROPEAN COAL CONTANGO: FURTHER STEEPNESS REQUIRED TO MAKE LARGE SCALE PHYSICAL TIME SPREAD ARBITRAGE MORE ATTRACTIVE - MISWIN MAHESH, BARCLAYS CAPITAL
COALspot.com - "With the contango between the Y+1 and M+1 ARA delivered contract now averaging above the $14/t level, there is an increasing in ...
Monday, 12 March 12
DELTA DUNIA 1M OVERBURDEN DROPS 3.1% - INSIDER STORIES
Insider Stories reported that, Indonesia's second largest coal mining contractor PT Delta Dunia Makmur Tbk (DOID) reported a 25 million bank ...
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- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- CNBM International Corporation - China
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