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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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Monday, 12 March 12
DRY BULK RATES WILL REMAIN LOW IN 2012 SAYS DANISH SHIP FINANCE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its annual shipping survey Danish Ship Finance said that the current outlook for the Dry Bulk market seems unlikely to foster higher rates in any ...
Monday, 12 March 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The first days of March appear to be more encouraging for dry bulk operators, but the outlook is still gloomy for the rest of year with earnings for ...
Sunday, 11 March 12
FREIGHT RATES FOR INDONESIA TO INDIA WILL CONTINUE TO REMAIN FIRM- VISTAAR
COALspot.com - This week saw another upward trend with all indices up except for the Cape index.
The BDI was up by 6.87 pct closing at 824 points ...
Friday, 09 March 12
MINING IN INDONESIA: RESTRICTION ON FOREIGN INVESTMENT - SUNIL K KUMBHAT
COALspot.com - Recently Govt has passed regulation instructing foreign mining companies to reduce their ownership stake.
The regulation known as ...
Friday, 09 March 12
SHIP OWNERS LOOKING TO CHINA FOR REVIVAL, WHILE THEY KEEP SELLING OLD SHIPS FOR SCRAP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With China’s economic policy plan for the future on every ship owner’s mind, at least those involved in the dry bulk industry, the lates ...
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Showing 4811 to 4815 news of total 6871 |
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- ASAPP Information Group - India
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Thai Mozambique Logistica
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
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