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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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Sunday, 26 January 14
FREIGHT RATES FALL FURTHER ON LACK OF CARGOES - SOLYM CARRIERS
COALspot.com: The freight market has continued to soften further this week with BDI down by 12.31 pct. BDI was closed at 1,246 points week ended 24 ...
Friday, 24 January 14
US COAL PRODUCTION UP 3.9% ON WEEK IN WEEK ENDED SATURDAY - EIA
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.1 million short tons (mmst) of coal in ...
Friday, 24 January 14
DRY BULK MARKET STRUGGLING TO FIND FIRM FOOTING IN START OF 2014 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been faltering since the start of 2014, struggling to hold its ground as low seasonal demand has hindered further growth in ...
Thursday, 23 January 14
PANAMAX : THIS WEEK THE ACTIVITY CAME DOWN DRAMATICALLY - FEARNRESEARCH
Handy
With the Chinese New Year approaching the activity and rate levels are sliding in both hemispheres. Rates in the Atlantic have knocked off so ...
Thursday, 23 January 14
30 DAYS LEFT TO REGISTER FOR PACIFIC BASIN COAL CONFERENCE
COALspot.com: (Press Release) : IHS Inc. (NYSE: IHS), the leading global source of information and analysis, will host the Pacific Basin Coal Confer ...
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- Siam City Cement - Thailand
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Central Electricity Authority - India
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