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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, 20 January 14
SUB-BIT INDONESIA COAL SWAP SEEN LOWER IN 2ND HALF OF 2014
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery lost $ 0.78 pmt month on month on Friday 17 January 2014. T ...
Monday, 20 January 14
THE CFR SOUTH CHINA COAL MARKET APPEARS TO HAVE LOST DIRECTION
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery lost 4.25 percept month on month and closed at US$ 79.48 per mt as ...
Sunday, 19 January 14
FREIGHT MARKETS SEE CONTINUED WEAK PERFORMANCE
COALspot.com: The market has continued to soften particularly in the far East/SE Asia sector.
The BDI was down 6 pct week on week, the index was ...
Friday, 17 January 14
US COAL PRODUCTION DOWN WEEK ON WEEK: EIA
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.3 million short tons (mmst) of co ...
Friday, 17 January 14
DRY BULK MARKET ENDS DECLINE, BOUNCES BACK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
It's been a rough start to the New Year for the dry bulk market, which was supposed to be on the verge of rallying to new heights this year, on the ...
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- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
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