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