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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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Friday, 17 January 14
SPOT COAL PRICE TRENDS IN US VARY ACROSS KEY BASINS DURING 2013, SAYS EIA
COALspot.com: Spot steam coal price trends in US varied across key basins in 2013, a latest EIA report says. Compared with 2012, while total coal de ...
Thursday, 16 January 14
PANAMAX : THE GAP BETWEEN SPOT AND PERIOD HAS INCREASED IN BOTH HEMISPHERES - FEARNRESEARCH
Handy
In the Atlantic we have seen rates slowly sliding on lack of enough fresh business. USG/Continent still paying excess 28k and seems on an upw ...
Thursday, 16 January 14
SHIP OWNERS SCRAP 1,119 SHIPS DURING 2013 ON THE BACK OF OVERSUPPLY ISSUES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Scrapping of older vessels is still the best bet that ship owners can make, in order to improve their newer vessels' fortunes, amid an oversupply o ...
Wednesday, 15 January 14
KOREA MIDLAND POWER CO INVITES BIDS FOR 360K MT OF SUB-BITUMINOUS COAL FOR ITS BORYEONG PLANT
COALspot.com : Korea Midland Power Co., Ltd. has invited bids through International open bidding for 360,000 Metric Tons (MT) of sub-bituminous ...
Wednesday, 15 January 14
CFR SOUTH CHINA COAL SWAPS FALL BY 6.57% MONTH ON MONTH
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery lost 6.57 percept month on month and closed at US$ 78.90 per mt as ...
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- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Parliament of New Zealand
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Planning Commission, India
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Australian Coal Association
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
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