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Thursday, 06 February 14
INDONESIA'S BAN ON THE EXPORT OF RAW MINERAL ORES COMES INTO FORCE - INCE & CO
 COALspot.com: On 12 January 2014, the ban on the export of unprocessed mineral ores came into effect in Indonesia. This ban enforces the Mining Law passed five years ago in 2009, which mandates that mineral ores for export must be processed in-country from 12 January 2014.
It appears, however, that not all minerals are treated equally: it is reported that the law allows for different minimum processing requirements for different minerals before they can be exported.
Bauxite, nickel, tin, chromium, gold and silver are required to be fully processed or refined before export. Mineral ores that can be exported semi-processed or with only purification include copper, iron, lead and zinc.
The new law also seeks to regulate the export of minerals through a progressive tax. Higher export taxes will be imposed on minerals having lower levels of purification or processing, in order to encourage processing to be carried out in Indonesia rather than overseas.
It has also been reported that some 60-odd companies in Indonesia will still be allowed to continue to export unprocessed mineral ores.
However, until more details emerge or the regulation implementing the ban is publicly available, the exact parameters (for instance, the minimum level of purity required of each mineral before it can be exported) and impact of the ban, is uncertain.
Enforcement of the ban is another issue, considering the fact that it has been reported that Indonesia does not currently have the ability to process the mineral ores to the requisite purity levels for export. In context with the impact of the ban on Indonesia’s economy, this may mean that the ban is not ultimately as widely enforced as currently anticipated.
What this means for traders
This ban is likely to have an impact on trade contracts. In particular, traders will have to consider whether the Indonesian government’s new export restrictions fall within the provisions of their contracts dealing with force majeure situations. The extent to which traders will decide to utilise force majeure or other similar provisions like material adverse change clauses in their contracts would also depend on the prevailing market level: if traders are making a loss, they might be more likely to invoke such provisions to cancel their contracts or to excuse or suspend performance of their obligations under the contract.
Traders could also face shipment delays on liftings in Indonesia due to uncertainty in the level of processing required for mineral exports.
On the same note, traders (and charterers) may also face more claims from shipowners for demurrage and other costs as a result of vessels being delayed in departing from Indonesian ports. The potential of this increased risk was starkly illustrated by recent reports that a number of Chinese bulkers which had completed loading were detained at Indonesian ports in the lead up to the ban. We understand that these ships have since been allowed to depart. (Originally published on 22 January 2014)
By: John Simpson (Mr) & Maureen Poh (Ms)
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About Mr John Simpson:
John specialises in the handling of litigation, arbitration and alternative dispute resolution for his clients. John has experience of English litigation and of arbitration in London and Singapore, almost always relating to cross border disputes.
John is experienced in litigation in London and in arbitration under the rules of various arbitration bodies, including the SIAC, the ICC and the LCIA. John joined Ince & Co London in 1999, moving to Ince & Co Singapore in 2007. John has been a partner of Ince & Co since 2010.
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About Ms Maureen Poh
Maureen joined Ince & Co Singapore in 2013, having previously worked in Ince & Co's Shanghai office since 2011 . Her main areas of practice are dry shipping, and international trade and commodities.
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About Ince & Co
Ince & Co an international commercial law firm with offices in Beijing, Dubai, Hamburg, Hong Kong, Le Havre, London, Monaco, Paris, Piraeus, Shanghai and Singapore.
Ince & Co clients are range from major international corporations to smaller companies, sole traders and private individuals. Ince & Co practises English, French, German, Greek, Hong Kong and PRC law. http://www.incelaw.com
Views and opinions / conclusion expressed herein are personal views of the authors and not that of COALspot.com.
If you believe an article violates your rights or the rights of others, please contact us.
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Monday, 17 February 14
Q1 2015 COAL SWAPS CLOSED $ 2.21 HIGHER THAN Q2 2014 SWAPS
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 delivery lost 3.16 percent month on month and closed at US$ 76.12 per mt as o ...
Sunday, 16 February 14
SUPRAMAX : THE FAR EAST/SE ASIA CHARTER RATES FIRMED UP
COALspot.com: The freight market had a mixed reaction this week with BDI increased by 1.37 pct and closing at 1106 points on Valentine day. The cape ...
Friday, 14 February 14
US COAL PRODUCTION STILL SLIPPING
COALspot.com – United States the world’s second largest coal producer, produced approximately 17.9 million short tons (mmst) of coal in ...
Thursday, 13 February 14
PANAMAX : NOT ENOUGH REQUIREMENTS TO KEEP THE ATLANTIC MARKET FLOATING - FEARNLEYS AS
Handy
After the Chinese holidays the week started on a positive note. Owners are talking higher rates but chrtrs are still somehow reluctant to mov ...
Thursday, 13 February 14
DRY BULK MARKET FACES BETTER PROSPECTS ON THE BACK OF IMPROVING DEMAND AND SUPPLY BALANCE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has started off the New Year on the "left foot", with the strong finish of 2013 proving to be unsustainable, on the ba ...
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- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- The University of Queensland
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Planning Commission, India
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- PTC India Limited - India
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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