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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, 08 March 12
INDONESIA'S COAL SECTOR CAN BENEFIT FROM CLEARER REGULATIONS - FITCH RATINGS
Fitch Ratings says Indonesia's coal mining sector should continue to see strong growth prospects but can benefit from clearer and more predictable ...
Thursday, 08 March 12
DRY BULK MARKET ON THE RISE; CHINAS COAL IMPORTS COULD INCREASE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept on rising back to healthier levels yesterday, with the BDI (Baltic Dry Index) the industry’s benchmark, marking its 8 ...
Wednesday, 07 March 12
INDONESIA COAL BENCHMARK PRICE GAINS FOR SECOND MONTH
COALspot.com - Indonesia raised the monthly coal reference price for sales in March by 1.15 percent, the second increase since February.
The Mini ...
Wednesday, 07 March 12
INDONESIA TO LIMIT FOREIGN OWNERSHIP IN MINES TO 49 PERCENT WITHIN 10 YEARS OF PRODUCTION
COALspot.com - Foreign holders of mining licenses in Indonesia have to divert 51% of their stakes to Indonesian government or domestic entitie ...
Wednesday, 07 March 12
ASSESS ASIAS POTENTIAL, DEVELOPMENTS AND APPETITE FOR SHALE AT SHALE GAS SUMMIT
Press Release - Assess Asia’s Potential, Developments and Appetite for Shale at Shale Gas Summit on 23-24 Apr, 2012 in Beijing
China is rep ...
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- Asmin Koalindo Tuhup - Indonesia
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- VISA Power Limited - India
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- Coal and Oil Company - UAE
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- Vizag Seaport Private Limited - India
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- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
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- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Karbindo Abesyapradhi - Indoneisa
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- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
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- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
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- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
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- Australian Coal Association
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- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
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- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
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- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
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- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
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- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Thai Mozambique Logistica
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
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- Goldman Sachs - Singapore
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