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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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Thursday, 30 January 14
PANAMAX MARKET IS SOFTENING ON LESS ACTIVITY IN BOTH HEMISPHERES - FEARNRESEARCH
Handy
In the Atlantic rates have been slowly sliding but ows can still achieve decent money for TArv´s. USG positions still being fixed in re ...
Thursday, 30 January 14
TANKER PROFITABILITY IS THE 'MILLION-DOLLAR' QUESTION FOR SHIP OWNERS THIS YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The tanker market conditions are expected to remain challenging throughout the year for tanker owners, but even more pressing will be the issue of a ...
Tuesday, 28 January 14
GLOBAL COKING AND STEAM COAL PRODUCTION HAVE GROWN 2% TO 3% TO ABOUT 7.1 BILLION TONNES AS OF THE END OF 2013 - VDKI
COALspot.com (Press Release): Initial figures on the world hard coal market at the VDKi ((Association of Coal Importers - German) New Year’s R ...
Tuesday, 28 January 14
AUSTRALIAN NEWCASTLE PORT'S WEEKLY COAL EXPORTS JUMP 13.75% WEEK ON WEEK
COALspot.com: In the week ended 27 January 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled ...
Tuesday, 28 January 14
RESOURCE NATIONALISM OR PROTECTIONISM FOR THE MINING AND EXTRACTIVES INDUSTRY - JOHN WHITTAKER & MICHAEL SWANGARD
Resource nationalism or protectionism for the mining and extractives industry as well as soft commodities sector and the oil industry.
‘Res ...
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- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
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