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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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- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- London Commodity Brokers - England
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- PTC India Limited - India
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
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