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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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Wednesday, 12 February 14
NEW BUILDING ORDERS REACHING NEW POST-CRISIS HEIGHTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners are looking to take advantage of the last few attractive deals in the new building market, before prices start climbing to new highs and ...
Wednesday, 12 February 14
2013 WAS THE YEAR OF PRIVATE EQUITY FUNDING - TIMOS PAPADIMITRIOU
COALspot.com: People say that money makes the world go round. Well, can it be that it’s the other way around? Is it possible that money needs ...
Tuesday, 11 February 14
INDONESIAN COAL SWAP SHOWS STRONG GROWTH IN 2014 SECOND HALF
COALspot.com – Swaps prices slide for thermal coal loading from Indonesia, the world’s largest exporter of the fuel, according SGX.
T ...
Tuesday, 11 February 14
AUSTRALIA'S NEWCASTLE COAL EXPORTS SLIDE AROUND 15% WEEK ON WEEK
COALspot.com: In the week ended 10 February 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled ...
Tuesday, 11 February 14
SHIP OWNERS INVEST IN 447 NEWBUILDINGS AND SECOND HAND VESSELS DURING JANUARY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite a rough start to the year for the dry bulk freight market and lackluster performance from most other shipping sub-segments, ship owners have ...
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- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- White Energy Company Limited
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
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