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