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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, 15 January 14
INDONESIAN MINING LAW AVERTS BOP PRESSURE, RISKS REMAIN, FITCH SAYS
The last-minute intervention at the weekend by Indonesia's politicians to avert a significant disruption of mining activity and exports, should lim ...
Wednesday, 15 January 14
Q3 AND Q4 INDONESIAN COAL SWAPS DECLINE MONTH ON MONTH
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery lost $ 1.23 pmt month on month on Friday 10 January 2014. T ...
Wednesday, 15 January 14
PANAMAX: PACIFIC - REMAINED QUIET; ATLANTIC - CONTINUED THEIR RETREAT
COALspot.com: The holiday hangover seems well underway for the Dry Bulk market that saw more ground being lost this past week. The BDI has closed of ...
Tuesday, 14 January 14
AUSTRALIAN NEWCASTLE PORT'S WEEKLY COAL EXPORTS FALL 18.28 %
COALspot.com: In the week ended January 13, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 2.67 ...
Monday, 13 January 14
INDONESIAN ORE BAN TO HAVE LIMITED IMPACT ON CHINESE ALUMINIUM PRODUCERS, FITCH RATINGS SAYS
COALspot.com: Fitch Ratings says today that Indonesia's ban on exports of unprocessed mineral ore will have limited impact on Chinese aluminium pro ...
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- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Planning Commission, India
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- White Energy Company Limited
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Australian Coal Association
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
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