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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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Wednesday, 07 March 12
3RD MOZAMBIQUE COAL CONFERENCE
3rd Mozambique Coal Conference
2-4 July 2012 | Joaquim Chissano International Conference Centre , Maputo, Mozambique
http://www.immevents.com/mo ...
Wednesday, 07 March 12
DRY BULK MARKET KEEPS UP TIMID REBOUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept its rising momentum yesterday, rising for the eighth straight session, on the back of renewed demand for smaller bulk c ...
Wednesday, 07 March 12
BUKIT ASAM EYES 39% RISE IN COAL SALES - INSIDER STORIES
Insider Stories reported that, PT Bukit Asam Tbk is scouting a 39% increase in coal sales volume to 18.66 million tons this year from last year with ...
Wednesday, 07 March 12
PETROSEA SEALS US$188 MIO CONTRACT - INSIDER STORIES
Insider Stories reported that, coal mining contractor PT Petrosea Tbk has secured a US$188 million additional contract from its affiliated firm PT S ...
Monday, 05 March 12
SOUTHGOBI ANNOUNCES AGREEMENT TO SELL ITS THERMAL COAL TSAGAAN TOLGOI DEPOSIT FOR US$ 30 MILLION
SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) announced today an agreement to sell its thermal coal property, the Tsagaan Tolgoi Deposit to Modun Re ...
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- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- The University of Queensland
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Planning Commission, India
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
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