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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, 10 February 14
Q1 2015, API 8 CFR SOUTH CHINA COAL SWAP CLOSED AROUND $ 2 HIGHER THAN Q2 14 PRICE
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 delivery lost 2.61 percent month on month and closed at US$ 77.28 per mt as on Frid ...
Monday, 10 February 14
SUPRAMAX STILL AT AROUND US$ 5K + BB 50K DELIVERY KALIMANTAN FOR A TRIP TO INDIA - CAPT. REDDY
COALspot.com: The BDI was down by 1.71 pct and closed at 1091 points week ended 7 February 2014. The BDI seemed to reach the bottom as the cape inde ...
Saturday, 08 February 14
U.S PRODUCED 84.5 MMMST OF COAL IN JANUARY; 2.05% UP MONTH ON MONTH, EIA SAYS
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.8 million short tons (mmst) of coal in ...
Friday, 07 February 14
DRY BULK MARKET ON ' REVERSE' MODE DUE TO CHINESE HOLIDAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept its uninspiring mood throughout yet another week, with the Baltic Dry Index (BDI) hovering slightly above the 1,000-poi ...
Thursday, 06 February 14
THE WORLD LARGEST COAL EXPORTER SHIPPED AROUND 35.90 MMT OF COAL IN DECEMBER 2013
COALspot.com: Indonesia, the world 4th largest coal producer and the Global largest multi grade coal exporter shipped around $2* billion worth ...
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- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
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