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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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Wednesday, 22 January 14
HANDY/SMAX: TALK OF RATES INDICATES A STEADY TO FIRMING TREND - INTERMODAL
Last week closed off on the red once more for the Dry Bulk market, which continues to see freight rates trying to get steady feet. Nonetheless, with ...
Wednesday, 22 January 14
EXPORT BAN ON UNPROCESSED MINERALS EFFECTIVE 12 JANUARY 2014 - THREE - YEAR REPRIEVE FOR SOME, BUT UNCERTAINTY REMAINS: PWC
COALspot.com: On 11 January 2014, only hours before a long-debated ban on the export of unprocessed minerals was to come into effect, the Government ...
Wednesday, 22 January 14
DRY SECTOR: SENTIMENT REMAINS STRONG - INTERMODAL
As we have now entered 2014 and the Chinese are soon entering their Year of the Horse (sit tight for the ride!), it is a great opportunity to see ho ...
Wednesday, 22 January 14
SGX SUCCESSFULLY LAUNCHED FREIGHT FUTURES
COALspot.com: Singapore exchanged announced that, SGX Freight Futures were successfully launched on 20 January 2014, and the first trade ...
Tuesday, 21 January 14
PORT OF NEWCASTLE SHIPPED SLIGHTLY MORE COAL WEEK ON WEEK
COALspot.com: In the week ended 20 January 14, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 2. ...
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- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Australian Coal Association
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- The University of Queensland
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Planning Commission, India
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
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