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