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