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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, 26 January 12
ABM INVESTAMA SEALS US$100 MIO CONTRACT - INSIDER STORIES
Insider Stories reported that, PT Reswara Minergi Hartama, a subsidary of PT ABM Investama Tbk (ABMM), has sealed a 2 million tons of coal export co ...
Thursday, 26 January 12
DRY BULK MARKETS DOWNFALL KNOWS NO LIMITS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s demise seems to have no visible end, as China’s Lunar Year Holidays continue this week, thus leaving demand with n ...
Wednesday, 25 January 12
CLEAN AND CLEAR MINING PERMITS TO BE COMPLETED END OF 2012 - BISNIS.COM
Bisnis.com reported that, the government plans to announce 700 mining permits with "clean and clear" status without overlapping on other p ...
Tuesday, 24 January 12
ANOTHER SEVERE DROP IN THE CAPESIZE - BRS
The lunar year celebrations and the high number of new building deliveries (more than 35 Capes so far in January as owners push 2011 deliveries into ...
Tuesday, 24 January 12
BUKIT ASAM FY11 NET PROFIT SURGES 50% - INSIDER STORIES
Insider Stories reported that, the state-controlled PT Bukit Asam Tbk (PTBA) estimated to book Rp3 trillion (approximately US$ 335,570,469) net prof ...
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- Kartika Selabumi Mining - Indonesia
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- Electricity Authority, New Zealand
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- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
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- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
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