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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, 03 February 14
API 8 CFR SOUTH CHINA COAL SWAP CONTRACTS FALL
COALspot.com: API 8 CFR South China Coal swaps for average Q1 14 delivery lost 4.71 percent month on month and closed at US$ 78.87 per mt as on Frid ...
Monday, 03 February 14
COAL FREIGHT RATES REMAIN UNDER PRESSURE
COALspot.com: The BDI is fell 50 pct over last one month which seems to be one of the lowest fall in last few years.
The BDI was down by 11 ...
Friday, 31 January 14
U.S. COAL PRODUCTION TOTALED APPROXIMATELY 19.2 MMST W-O-W
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.2 million short tons (mmst) of coal in ...
Friday, 31 January 14
DRY BULK MARKET STILL ON A FALL, EXPECTED TO WORSEN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market is definitely in the doldrums since the start of the year, in what could only be described as a "lost" month for indus ...
Thursday, 30 January 14
JPU SETTLEMENT PRICE AS A BENCHMARK WILL DECLINE IN IMPORTANCE BUT REMAIN RELEVANT, SAYS WOOD MACKENZIE
JPU price will remain above spot, trending closer to spot till 2015 then increasing to 2035.
Japanese Power Utilities (JPU) are approaching a cru ...
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- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Planning Commission, India
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Aditya Birla Group - India
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
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