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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, 27 February 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The pessimism in the dry market persists with the Baltic Dry Index still trying to find a steady pace of growth and average time charter earnings fo ...
Sunday, 26 February 12
THE FREIGHT RATES FOR INDONESIA TO INDIA IS LIKELY TO BE FIRM FOR NEXT 2/3 WEEKS - VISTAAR
COALspot.com – “There was not much change in the BDI and other indices this week except for the Panamax which was down by 11.91 pc ...
Friday, 24 February 12
DRY BULK MARKET POSTS FIRST REBOUND IN A WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As was expected since mid-week, the dry bulk market's benchmark, the BDI (Baltic Dry Index) has managed to put a stop in a 6-day losing rally, endi ...
Thursday, 23 February 12
2.5 PANAMAX VESSELS PER AVAILABLE CARGO FOR MARCH DATES - FEARN BULK
Handy
Another depressing week for Supras in both basins. Lack of fresh business and over-supply of tonnage in the Atlantic pushed rates south. Cont ...
Wednesday, 22 February 12
RAW COMMODITY EXPORT BAN SPARKS SMELTER BUILDING BOOM IN INDONESIA ANTARA / THE JAKARTA GLOBE
Antara / The Jakarta Globe reported that, as the government gears up to ban all exports of unprocessed commodities, Indonesia will see 12 new ...
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- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Planning Commission, India
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
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