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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, 05 March 12
SOME RESOURCE TITANS NOT THRILLED WITH INDONESIAN EXPORT BAN - THE JAKARTA GLOBE
The Jakarta Globe reported that, local representatives of major business associations in East Kalimantan have protested a government regulation that ...
Monday, 05 March 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
An air of optimism poured in the market this week for dry bulk shippers with the Baltic Dry Index recording daily gains during the end of February b ...
Sunday, 04 March 12
SE ASIA WAS FIRM FOR TRIPS TO INDIA AND CHINA - VISTAAR
COALspot.com - This week saw another upward trend with all indices up and generally market was firm.
The BDI was up by 7.38 pct closing at 771 po ...
Friday, 02 March 12
DJMBP HAS ANNOUNCED SECOND BATCH OF CLEAR N CLEAN CERTIFIED MINERS
COALspot.com - The Directorate general of mineral & coal of Indonesia has announced second batch of companies who have passed IUP Clear and Clea ...
Thursday, 01 March 12
BUKIT ASAM TARGETS EUROPEAN INVESTORS
COALspot.com - PT. Bukit Asam (persero) Tbk, Indonesian state owned coal miner is planning to conduct road show in Europe next week to target at Eur ...
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Showing 4826 to 4830 news of total 6871 |
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- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Planning Commission, India
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
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